Why More And More Colleges Are Closing Down Across America
CNBC・2 minutes read
Lincoln College in Illinois closed due to enrollment issues and a cyber attack, reflecting a wider trend of college closures in the U.S. driven by financial challenges and declining enrollment, with the future of higher education facing adaptation to changing trends and pressures.
Insights
- Financial issues are the primary cause of many college closures, with 68% of shut-down schools citing financial reasons, highlighting the critical need for sustainable funding in higher education.
- College closures not only impact students academically but also socially, with communities rallying together to provide support and solidarity during challenging times, showcasing the resilience and unity within these affected groups.
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Recent questions
Why did Lincoln College close in 2022?
Lincoln College closed in 2022 due to a drop in enrollment and a ransomware attack. The decrease in student enrollment impacted the financial stability of the institution, leading to its closure. Additionally, the ransomware attack likely exacerbated the financial strain on the college, contributing to its ultimate shutdown.
How many U.S private non-profit colleges have shut down or merged since 2016?
Since 2016, a total of 91 U.S private non-profit colleges have shut down or merged, affecting over 60,000 students. The closures and mergers of these institutions have had significant implications for the higher education landscape in the United States, impacting both students and communities.
What is the main reason for the closure of 68% of the schools that shut down or merged?
Financial reasons were the main cause of closure for 68% of the private non-profit colleges that shut down or merged since 2016. The financial challenges faced by these institutions, including issues with enrollment and funding, ultimately led to their inability to sustain operations and resulted in closure.
How have test-optional policies impacted college applications?
Test-optional policies at many colleges have led to a surge in applications, particularly at top-tier private schools. By removing standardized test requirements, colleges have made the application process more accessible to a wider range of students, resulting in an increase in the number of applications received by these institutions.
What is the impact of college closures on students?
College closures have a negative impact on students, with only 47% re-enrolling and one-third completing their degrees. The closure of colleges disrupts the academic journeys of students, leading to challenges in transferring credits, completing degrees, and navigating the higher education system. Students affected by closures often face uncertainty and difficulties in continuing their education.
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Summary
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Challenges in Higher Education: Closures and Adaptation
- Lincoln College, a predominantly black private college in Central Illinois, closed in 2022 due to a drop in enrollment and a ransomware attack.
- Since 2016, 91 U.S private non-profit colleges have shut down or merged, affecting over 60,000 students.
- Financial reasons led to the closure of 68% of these schools, with enrollment being a consistent issue.
- The impending decline in high school graduates by 2025 is a significant concern for colleges, impacting enrollment.
- The removal of federal stimulus money in 2023 added financial stress to struggling schools.
- Test-optional policies at many colleges have led to a surge in applications, particularly at top-tier private schools.
- College closures have a negative impact on students, with only 47% re-enrolling and one-third completing their degrees.
- The State Higher Education Executive Officers Association emphasizes the importance of providing students with time and support during college closures.
- The future of higher education faces challenges, with institutions needing to adapt to changing enrollment trends and financial pressures.
- Despite uncertainties, students and communities affected by college closures often come together for support and solidarity.
