Falling enrollment and persistent financial shortfalls continue to push small institutions to the brink: Sterling College in Vermont announced it will close at the end of the spring semester, citing low headcount and a tiny endowment. Sterling’s closure follows a spate of small college failures and underlines the sectorwide enrollment cliff that trustees and presidents have warned about. AGB and other governance groups advise scenario planning and consolidation strategies as demographic declines and rising costs create existential threats for many private and public campuses. Trustees must weigh program prioritization, strategic partnerships and potential mergers to stabilize academic pipelines and regional skills supply.