This article from current Chronicle of Higher Education describes
a number of small colleges that continue to teeter on the edge even after the wider economic recovery.
Some factors that seem common in these stories are small size, niche focus (e.g., geographic or religious), recent lavish expenditures on attractive new facilities,(especially non-academic ones), and poorly timed optimism around fundraising.
Responses including layoffs, cutting under-enrolled programs, selling non-core real estate, drastic tuition cuts, expanding online offerings, adding professional programs
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