The State of New Mexico might need to take over a struggling private college there after its discussions to be acquired by a for-profit provider fell through.

The College of Santa Fe was in talks with Laureate Education for it to assume the college’s debt and assist in marketing the college, in affirming its brand, and in recruiting more students.

According to an article in the Santa Fe New Mexican, a local newspaper, the college announced on Wednesday that a deal with Laureate was dead.

‘‘It is now apparent that, because of their own financial realities, Laureate Education Group will not be able to assume the debt required to retire CSF’s bonds and fund the college,” wrote Marcia Sullivan, vice president for administration and communication.

Now the college is working with New Mexico’s governor, Bill Richardson, to see if it could become a state institution. In a statement the governor, a Democrat, said the college “is an important part of the educational opportunities available to citizens of New Mexico and a valuable partner in the Santa Fe community. We need to explore every opportunity to see if there is a way for it to continue to serve the citizens of Santa Fe and of New Mexico.” —Jeffrey Selingo