Colleges are failing but they can still spark golden age for higher education: heres how

And then there were fewer.That’s the reality in higher education this academic year.About two dozen colleges and universities announced plans to shut down before graduation this past spring; more than 80 colleges closed or merged between 2020 and 2025.And more than 440 private colleges are at significant risk of shutting down in the near future — about a quarter of the nationwide total. Even sports powerhouses like New York’s Syracuse University are beginning to struggle financially, The Wall Street Journal reported last month.Where I’m from, near Philadelphia, at least a dozen institutions of higher education are in perilous financial shape: They just aren’t enrolling enough students to pay the bills.It’s a gloomy picture for alumni and academics — but there’s a silver lining.These failing schools could be the launching pad for higher education’s fundamental transformation.Most pundits blame demographic trends — a long-term decline in college-age Americans — on these enrollment troubles.That’s certainly a big contributing factor.But the real problem is that struggling schools don’t provide enough value in the eyes of potential customers.Students have plenty of choices for a college education; they pick what they think will benefit them long-term.Not enough of them saw the value of learning at the schools that have shut down.But as any entrepreneur will tell you, a failing business is also an opportunity. Any business has assets and experience that could easily be applied to better, more effective uses — and what’s true for a business can be true for a college. Every school has buildings, resources and alumni networks that could be tapped to provide an education that more students want. What’s needed is a cadre of philanthropists and local leaders willing to take over a struggling school and fundamentally improve its value.That is, to buy a failing college lock, stock and barrel.There’s no shortage of money pouring in...