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The state is going through contingency planning with Anna Maria College in Paxton, after determining that the school may not have sufficient finances to stay open for the next 18 months.

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Anna Maria College is under a state financial warning as leaders race to address declining enrollment and mounting pressure on the Massachusetts campus.

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Anna Maria College, a small Catholic college in Central Massachusetts, may not have “sufficient resources” to sustain operations and enroll students through the next academic year, state officials announced Friday.