Hampshire College is confronting a potential shutdown after missing enrollment targets and struggling to refinance debt, according to recent audits and reporting. The college enrolled far fewer new students than projected and reported recurring net asset declines and negative operating cash flow; auditors warned the institution may not be able to refinance $24.9 million in outstanding debt. Students and faculty are planning contingencies as the college seeks bondholder negotiations and emergency liquidity; accreditors have flagged resource adequacy in prior reviews, increasing the stakes. The campus community and regional higher‑education partners will be weighing teach‑out options, credit transfers and the fate of campus assets if a closure becomes necessary.