Bradford gave it the old college try but came up $18 million short.

That accrued debt, along with the lack of enrollment and rising costs of running a university, finally did the 196-year-old college in when it was all said and done, the Associated Press reports.

Bradford College, located 40 miles north of Boston, was founded in 1803 as a coeducational high school, then became a girls-only institute in 1836. In 1932, it was a junior college and in 1971 gained coeducational college status.

The school was best known for its intimate class sizes, where teachers and students built lasting relationships, something that can get lost in today's mega-school environment. That closeness was part of the reason that many people tried to save the school when it announced in November that it planned to close.

Some contacted alumni and potential funders -- including Bill Gates -- for help. The Massachusetts College of Law, looking for a place to start a four-year liberal arts college, eyed Bradford, according to the AP. But none of that could hide the fact that Bradford was carrying a large, cumbersome debt. Year in and year out, Bradford's annual budget fell short more than $1 million. And with no one enrolling, there was no hope of ever catching up.

The next step for Bradford administrators is to find homes for the remaining 400 students who want to continue their education. The admissions office has become a haven for those looking for surrogate schools. Additionally, some 33 full-time professors and 133 employees were subsequently laid off.

According to the Chronicle of Higher Education, a college closing its doors is rare, with only five private four-year colleges closing in the past three years.

With the closing of Bradford, another chapter in the book of financial gains is written, with the small and meek missing out once again.

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