Lead: Martin University announced an immediate closure and asset sales after its board said the small Indianapolis institution could no longer sustain operations amid declining enrollment, rising costs and mounting debt. Founded in 1977 as an independent, predominantly Black institution, Martin told students and staff it had paused operations at the end of the fall semester; the Higher Learning Commission directed the university to cease operations Dec. 31. The board cited heavy reliance on grants and philanthropy, lack of endowment, and what it called an unsustainable financial model in the current political climate. Why it matters: The closure adds to a string of small college failures and highlights vulnerability among minority‑serving and tuition‑dependent institutions. The sudden shutdown also created immediate student‑transcript and degree‑completion risks, underscoring the operational fragility of low‑enrollment private colleges.