. ▁The ▁school ▁was ▁named ▁for ▁its ▁wealth y ▁benef actor , ▁Lewis ▁B . ▁Par s ons ▁Sr ., ▁and ▁was ▁founded ▁in ▁ 1 8 7 5 ▁with ▁one ▁building ▁and ▁ 3 4 ▁students . ▁Over ▁the ▁years ▁new ▁buildings ▁were ▁constructed ▁as ▁en roll ment ▁expanded . ▁The ▁school ▁lost ▁its ▁acc red itation ▁in ▁ 1 9 4 8 ▁but ▁reg ained ▁it ▁two ▁years ▁later . ▁In ▁ 1 9 5 5 ▁the ▁school ▁appointed ▁Mill ard ▁G . ▁Roberts ▁as ▁its ▁president ▁and ▁this ▁began ▁a ▁period ▁of ▁rapid ▁expansion ▁with ▁the ▁student ▁population ▁rising ▁as ▁high ▁as ▁ 5 , 0 0 0 ▁by ▁ 1 9 6 6 . ▁There ▁was ▁a ▁turning ▁point , ▁however , ▁in ▁ 1 9 6 6 ▁when ▁Life ▁magazine ▁published ▁an ▁article ▁critic izing ▁the ▁college ▁and ▁its ▁president . ▁Later ▁that ▁year ▁the ▁school ▁lost ▁its ▁acc red itation ▁and ▁Roberts ▁was ▁asked ▁to ▁res ign ▁as ▁president . ▁En roll ment ▁quickly ▁decl ined ▁and ▁the ▁college ▁fl ound ered ▁with ▁$ 1 4 ▁million ▁in ▁deb t ▁and ▁closed ▁under ▁bank rupt cy ▁in ▁ 1 9 7 3 . ▁ ▁History ▁▁ 1 8 7 5 ▁to ▁ 1 9 5 4 ▁Par s ons ▁College ▁was ▁named ▁for ▁Lewis ▁B . ▁Par s ons , ▁Sr ., ▁a ▁wealth y ▁New ▁York ▁merchant ▁who ▁died ▁in ▁ 1 8 5 5 ▁and ▁left ▁much ▁of ▁his ▁estate ▁as ▁an ▁end ow ment