Limestone University closed after a last-ditch fundraising effort failed, adding to a string of small private college shutdowns driven by enrollment declines and debt burdens. The College Closure Files traced Limestone’s long financial history and the failure to stabilize enrollment and revenue. By contrast, the University of Chicago reported a roughly 44% reduction in its fiscal 2025 budget deficit to $160 million after aggressive cuts, enrollment and revenue gains, and donor support. UChicago’s turnaround underscores the gap between resource-rich research universities that can buffer shocks and smaller institutions that face existential funding pressures.