It was likely the final straw, but certainly if that is all it took for the institution to collapse they were going to fail soon regardless. A college or three

It was likely the final straw, but certainly if that is all it took for the institution to collapse they were going to fail soon regardless. A college or three have failed every year for the past 5 years or so. There will be more until populations of college age students starts to grow again. Most small colleges are extremely vulnerable. Size and endowments offers some protection to large and wealthy schools.