When your college closes

This episode of Today Explained examines the growing crisis facing small liberal arts colleges in the United States, using Hampshire College’s closure as a case study. John Marcus, senior higher education reporter at The Hechinger Report, explains that while elite institutions remain stable, smaller regional schools like Hampshire are collapsing due to a perfect storm of declining enrollment, rising institutional debt, aggressive tuition discounting (over 75% at Hampshire), and a shrinking pool of 18-year-olds—what experts call the 'demographic cliff.' The pandemic delayed closures, but many colleges now face existential threats, with 442 private nonprofit institutions at risk. The episode explores the human toll on students, many of whom are left mid-degree with no clear path to transfer or graduation. It also highlights broader societal consequences: the loss of colleges in rural communities weakens local economies and cuts off pipelines for young talent. Despite public skepticism about college’s value—fueled by cost, perceived elitism, and political culture wars—Marcus argues that colleges remain vital for innovation, workforce development, and community vitality. The episode concludes with promising reforms, including three-year bachelor’s degrees and 'skills-based transcripts' that showcase employable abilities, signaling a potential evolution in higher education rather than inevitable decline.