Santa Fe University of Art and Design (SFUAD) is a for-profit, accredited four-year university located in Santa Fe, New Mexico. The university built from the College of Santa Fe which was a Catholic facility founded as St. Michael's College in 1859, and renamed The College of Santa Fe in 1966. After financial difficulties in 2009, the campus was purchased by the City of Santa Fe, the State of New Mexico, and Laureate Education, and reopened with a narrowed focus on the film, theater, and other arts. On May 18, 2016 the school announced that it would be acquired by Raffles Education, a Singapore-based private company. The school is currently secular, and as of 2015, reports having 950 students. According to the U.S. Department of Education, as of 2016 the overall graduation rate is 31%.