The school cited rising costs, expanding requirements, and dwindling enrollment as its reasons for ending its programs.
President Eric Pryor says they will create a personalized transfer plan for the 37 students who cannot graduate.
Senior Joseph Adams says this is a huge loss for students and faculty.
"The community is so tight-knit and we have such great access to museum spaces and people who are really working in the art world," said Adams.
The museum, educational classes, and the K-12 arts program will remain open, officials say.