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Parsons College is a defunct, American, private liberal arts college located in Fairfield, Iowa. The school was named for its wealthy benefactor, Lewis B. Parsons Sr., and was founded in 1875 with one building and 34 students. Over the years new buildings were constructed as enrollment expanded. The school lost its accreditation in 1948 but regained it two years later. In 1955 the school appointed Millard G. Roberts as its president and this began a period of rapid expansion with the student population rising as high as 5,000 by 1966. There was a turning point, however, in 1966 when Life magazine published an article criticizing the college and its president. Later that year the school lost its accreditation and Roberts was asked to resign as president. Enrollment quickly declined and the college floundered with $14 million in debt and closed under bankruptcy in 1973.