There is often a culture of denial in all education

times were so good for so long that people can't believe it is happening. There is also the hope for a white knight. Traditional businesses have no last ditch donor option. Even now, there are schools teetering on the brink like Northland College thinking they can gather the funds from outside. And maybe they can. But in most cases they cannot. And frankly, many colleges need to shrink and/or go away. We have too much capacity for the future demand. Elementary schools and High Schools were hit by the Baby Bust in the 1970's and early 1980's. Colleges for the most part avoided that fate. This time when the enrollment cliff happens (and it hasn't even happened yet) colleges are in worse shape.