Pennsylvania Academy of the Fine Arts building.
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Running on a $3 million deficit, the Pennsylvania Academy of Fine Arts (PAFA), will no longer offer undergraduate and graduate degrees after the 2024-2025 school year. PAFA, the oldest art school in the US, will be shuttering its degree-earning programs at the end of the 2024–2025 academic year. Founded in 1805, the Philadelphia institution is widely known for its traditional arts education program and historic contemporary art museum. After gaining university status in 1987, the school opened its two-year graduate program in 1991 and an undergraduate program in 2008. As a result, the final graduating class will be in 2025, leaving 37 students currently enrolled at the school forced to transfer to other universities.