Higher education institutions in the United States face starkly different prospects. Top-ranked schools turn away throngs of top applicants, while cushioned by staggering endowments. Others, including many small liberal arts colleges, are facing declining enrollment, nervously watching expenses outpace revenue, and tapping their endowments to cover shortfalls. These pressures have forced many schools to make painful choices, including cutting programs, laying off faculty, merging with other schools, and reducing student admissions. In the worst cases, some schools have lost accreditation or have shut down. There will likely be more: our review of public data suggests that at least 90 medium-size not-for-profit institutions across the country show some signs of financial pressure.
