Creditors and lenders are exerting direct governance pressure on financially distressed campuses while some institutions close entirely. Self‑Help Ventures offered a lifeline to Saint Augustine’s University conditioned on removing two trustees, prompting board resignations and renewed scrutiny of fiduciary stewardship at the historically Black institution. In a separate development, Martin University announced it has closed and begun selling assets after months of mounting costs, shrinking enrollment, and rising debt; the institution cited withdrawn minority‑serving grant funding and a depleted operating model. Lenders tying financing to trustee turnover is becoming a more visible lever in turnaround negotiations; critics say such deals can short‑circuit faculty and community input. Campus closures raise immediate questions about transcript access, teach‑outs, and accreditation transitions for displaced students. Why it matters: Board composition and lender covenants are now central to institutional survival—changes can determine whether a college restructures, merges, or shuts down.