Cascades College in Portland, Oregon closed its doors with $4 million in debt.
Will others also close?
The article said that 4,400 colleges are in the US. Three are closing. They are all Christian colleges.
One quarter (1,100) have endowments of less than $50 million. That was before the downturn. If colleges had money in the stock market, as is likely, many of those lost a third to half their funds.
Ouch.