A Heartbreaking Reality on Many Levels

Editorial

The news that came out of Hampshire College on April 14 — that the nearly 60-year-old, unconventional liberal arts institution will be closing — was hardly a surprise.

The news came maybe a little sooner than many expected, but the handwriting has been on the wall for some time now. Indeed, this quirky school had fought a brave fight to keep the doors open over the past decade or so, but in the end, it simply could not overcome a powerful mix of forces, everything from a sharp drop in enrollment to an inability to refinance its bond debt to a waning unrestricted endowment.

“Despite this herculean effort, the financial pressures on the college’s operations have become increasingly complex, compounded by shifting external factors,” according to a public letter released by the board and college President Jennifer Chrisler, noting that attempts were made to increase enrollment, refinance existing debt, and realize new revenue via the sale of a portion of land.

“We have long known that addressing these issues is essential to establishing a stable financial foundation, supporting long-term operations, and meeting regulatory requirements,” the letter noted. “We are faced with the clear, heartbreaking reality that progress on each of these three key factors has fallen far short of what we had hoped.”

Another reality is that, while Hampshire’s situation was dire and certainly magnified by the fact that it became increasingly difficult to attract students to a college with a seriously uncertain future, many private colleges are struggling and may soon face hard choices themselves.

Indeed, a new forecast by the Huron Consulting Group projects that nearly one-quarter of the nation’s 1,700 private, nonprofit four-year colleges and universities are at risk of closing or having to merge within the next 10 years.

To survive, these schools must find ways to increase enrollment at a time when the number of high school graduates continues to fall, and convince enough families of the value of a four-year college degree.

If current trends continue, this will become an increasingly tall order, and the higher education landscape in this region and this country could change considerably.

That, too, is a heartbreaking reality.