BROOKLINE (CBS) – Newbury College, a small liberal arts school in Brookline, will close its doors for good at the end of the academic year.

The school announced the decision on Friday, citing “changes in demographics and severe financial constraints in the higher education landscape.”

“It is no secret that weighty financial challenges are pressing on liberal arts colleges throughout the country,” said Newbury College president Joseph Chillo. “We are no exception. This decision to close wasn’t arrived at lightly and it comes after a tremendous effort to remain open.”

Newbury College was founded in 1962. There are currently 625 students enrolled.

No specific closing date has been set. The school said it will close following the spring semester.

School leaders are working with other colleges in the area to formalize agreements so students can continue their education.

“We decided to let our community know as soon as possible because it is the right thing to do,” said Chillo. “Our people, the dignity of our mission, and the legacy of the institution are our most important concerns of today.”

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