Facing steep enrollment drops and financial stress, more colleges are treating mergers, acquisitions and strategic partnerships as tools for survival rather than last resorts. Institutional leaders and trustees are pursuing acquisitions, joint programming and shared services to preserve mission-critical offerings and stabilize finances. State systems and campus leaders are testing collaboration playbooks—coordinated program cuts, shared admissions pipelines and cross‑institutional student supports—while presidents and boards emphasize regulatory compliance and Title IV implications during any structural consolidation.