Analysts and sector leaders are flagging recurring signals that precede campus closures—declining enrollment, rising debt, program cuts, accreditoral sanctions and audit warnings—and publishing checklists to help boards spot organizational distress earlier. The guidance accompanies reporting that higher education shed at least 9,000 jobs in 2025 as institutions tightened budgets and eliminated positions. The checklist identifies operational red flags—shrinking cohorts, dependence on one revenue stream, deferred maintenance and repeated auditor warnings—that can accelerate a death spiral if boards and leaders fail to intervene with strategic restructuring or partnerships. December’s layoffs and program cuts closed out a brutal year for the sector, forcing boards to weigh mission fidelity against fiscal survival. Observers say proactive teach‑outs, mergers, and targeted reinvestment in high‑demand programs can sometimes avert closures, but only if triggered early. Boards and state regulators are examining whether oversight and financial early-warning systems need strengthening to limit abrupt disruptions for students and staff.