College Closures Surge as Declining Enrollment and Rising Costs Reshape Higher Education

Higher education faces financial turmoil as college closures are expected to rise sharply, according to a Federal Reserve Bank of Philadelphia study. At least twenty colleges will shut down in 2024, and another nine will close in 2025, with up to eighty more closures possible by 2029. Declining enrollment, shrinking college-age populations, and rising costs contribute to the trend, often pricing out low-income students. Enrollment among high school seniors dropped to 62% in 2021 from 68% in 2010.