The Year in Closures and Mergers

As 2024 draws to a close, it also marks the end of an era for some institutions. Altogether, at least 16 nonprofit colleges and universities announced closures this year. Most were small, private, tuition-dependent institutions that lacked robust endowments. Many approached the closure process in an orderly fashion, winding down operations and teaching out academic programs, but some shuttered abruptly, leaving students in the lurch.  The number is slightly higher than last year, when 14 nonprofit institutions announced closure; a 15th, the King’s College, ended operations in 2023 but did not announce it was shutting down. Experts expect college closures to increase significantly in the next five years amid enrollment pressures, according to research by the Federal Reserve Bank of Philadelphia.