California’s Holy Names University, a 154-year old Catholic college founded by an order of French Canadian nuns called the Sisters of The Holy Names of Jesus and Mary, will be shutting down permanently.
Unfortunately the brief resuscitation and quick demise of Holy Names University is scene that is likely to play out more over the coming years. Forbes 2023 College Financial Grades ranking, which assesses the operational viability and balance sheet strength of more than 900 private colleges in the U.S.
Hampshire College appears to have successfully pulled itself back from the brink—for now. The small liberal arts school in Amherst, Mass., earned an A- on Forbes’ annual financial grades list this year, up from a D in fiscal 2020. In 2019, then-president Miriam E. Nelsonthe college with another institution after enrollment had declined to around 1,000 students from a peak of 1,500 students in 2011.
For every college that pulls off a successful strategic pivot, most others will fail. This year, Bloomfield College in New Jersey, Medaille College and Cazenovia College in New York, Presentation College in South Dakota, Cardinal Stritch University in Wisconsin and Iowa Wesleyan University announced they would wind down operations after the spring semester.
After the pandemic forced most colleges to offer classes virtually, many institutions embraced online learning and began to expend capital or take on debt to expand these programs. Historically much of higher education borrowing was tied to dorms and athletic facilities, known to accountants as “property, plant and equipment.
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