New College of California was a small San Francisco base liberal arts college founded in 1971 by Father John "Jack" Leary. The school closed after it lost its accreditation in February 2008 and the Department of Education withheld federal financial aid funds due to the college's mishandling of financial aid funds. The college is deep in debt, is defaulting on various loans, and owes its faculty and staff over two million dollars in back pay after terminating their pay without notice. When the college ceased operations, faculty volunteered to assist currently enrolled students in transferring to other institutions. The Board of Trustees, Philip Knowlton, Jane Swan, and Ted Corman, as well as CFO Francisco Leite and Acting President Luis Molina vanished. In April 2008 the law school was absorbed John F. Kennedy University Law School.