Financial strain drove two small private colleges to divergent outcomes: Wells College agreed to sell its campus in Aurora to the Hiawatha Institute for Indigenous Knowledge, a nonprofit that plans educational use; Martin University in Indianapolis announced an immediate closure and asset sales after citing rising costs, declining enrollment and mounting debt. The transactions underscore the mounting pressure on tuition‑dependent institutions with limited endowments. Wells’ board signaled the buyer intends to preserve educational activity pending approvals and a due‑diligence window; the Wells sale remains subject to regulatory signoffs. Martin’s abrupt shutdown left students, faculty and accreditors scrambling for teach-out plans and transcript access, highlighting governance, oversight and state funding vulnerabilities in the current fiscal climate for small colleges.