Financial distress deepened on multiple campuses this week as institutions moved to restructure operations and shed personnel. Hampshire College warned auditors it risks closure if it cannot refinance $24.9 million in bonds and reverse negative cash flow. Separately, Santa Monica College’s board approved roughly 60 layoffs and opened additional administrative positions to potential elimination as it confronts a projected structural deficit approaching $17.5 million. Hampshire’s audit highlighted recurring declines in net assets and unsuccessful efforts to refund bond obligations, putting its accreditation and operations at risk unless new financing is secured. At Santa Monica, trustees approved targeted job cuts after a one‑time funding patch reduced the current-year shortfall; the board framed the measures as necessary to safeguard the college’s long‑term fiscal viability. These actions matter because they show how small liberal‑arts colleges and public community colleges face immediate cash‑flow constraints that can force program eliminations and workforce reductions. Campus CFOs, bondholders, and state oversight bodies will be central actors in any rescue or restructuring. Clarification: Bond refinancing means replacing existing debt with new debt, often on different terms, to reduce annual payments or extend maturity.