At least 15 nonprofit colleges announced closures in 2025 amid persistent enrollment declines and financial strain. Institutional leaders cite demographic headwinds, tuition dependence, and faltering public confidence in higher education as core drivers of the wave of failures. The New School, grappling with falling enrollment and budget shortfalls, has launched an overhaul that some faculty and students warn risks eroding its liberal‑arts identity. Administrators argue deep restructuring is necessary to stabilize finances and reorient programming for market demand. These developments press leaders to reconsider program portfolios, strategic partnerships, and consolidation options. Trustees should model worst‑case enrollment scenarios, shore up liquidity, and prioritize completion pathways for students in threatened programs to minimize disruption.