Martin University’s board announced an official closure after pausing operations and laying off staff in December, ending a years-long financial decline tied to falling enrollment, mounting debt and a costly cyberattack. The decision leaves hundreds of students seeking teach-outs and marks another small private college failure. Separately, commentators and analysts released a practical checklist of 'death‑spiral' indicators—enrollment declines, high debt, accreditation warnings—that leaders and trustees can use to spot institutions at risk. Those resources are aimed at boards and state authorities weighing intervention or teach‑out options.