Hampshire College received a new “show cause” notice from the New England Commission of Higher Education, citing enrollment underperformance, declining unrestricted endowment dollars, land-development setbacks, and trouble refinancing $21 million in bond debt. The accreditor directed the college to prove by June that it should not be placed on probation or lose accreditation. The report noted Hampshire’s prior near-closure history and highlighted risks to federal student aid eligibility if accreditation is withdrawn—an existential pathway for colleges unable to access Title IV funding. The college’s board chair said financial viability is the top priority, pointing to refinancing efforts, fundraising, and land monetization plans. Hampshire must now translate its turnaround strategy into measurable compliance outcomes under NECHE’s timetable.