Perhaps it’s a sign of the times.
The College of Santa Fe, a small, private college with well-respected art programs, will close. Rumors of its financial difficulties were swirling well before the credit crunch. I actually visited this campus last summer. And while I knew of its reputation for having some very fine programs (accessible to students with relatively poor high school records), the campus seemed somewhat disheveled.
Having just returned from Hong Kong and South China, where there is not enough capacity in the higher educational systems, it’s quite the juxtaposition to see that there is overcapacity in the US system.
Perhaps from this perspective, it is not altogether a bad thing that some colleges may not survive the recession. It’s sad to see any one institution fail, but the process of retrenchment in the entire private education system is probably inevitable and good for the system as a whole.