Enrollment at a small Catholic liberal arts college in Radnor, Pennsylvania, had plummeted by over 60% since 2016, leading to severe financial strain due to its reliance on tuition and a small endowment. In June 2022, Helen Drinan assumed the role of interim president at Cabrini University and recognized the urgent need for new revenue streams to address the institution's financial challenges.
Drinan's previous experience at Simmons University in Boston, where she successfully stabilized finances through staff reductions and innovative revenue sources, provided valuable insights. However, despite efforts to implement a similar strategy at Cabrini, the university announced its closure in June 2023.
Cabrini's fate reflects a broader trend in the US higher education landscape, with many colleges facing financial difficulties attributed to rising operational costs, declining enrollment, and inadequate fundraising. The closure of Cabrini is part of a wave of non-profit institutions shutting down, exacerbated by the lingering effects of the Covid-19 pandemic and demographic shifts.
While overall undergraduate enrollment in the US saw a slight increase in fall 2023, private liberal arts colleges, particularly in the Northeast and Midwest, continue to struggle. The closure of institutions like Hodges University in Florida underscores the challenges faced by colleges catering to adult learners and first-generation students.
The closure of century-old institutions like the College of Saint Rose in New York has sparked concerns about accessibility to higher education. Efforts to assist affected students, such as partnerships with neighboring universities to facilitate credit transfers and financial aid matching, aim to mitigate the impact of closures on student academic progress.
Despite the disruptions caused by closures, some experts view the trend as a necessary 'right-sizing' of the higher education sector. While closures present challenges for students, they may ultimately lead to a more efficient allocation of resources to institutions capable of delivering quality education.
As colleges navigate financial uncertainties and shifting demographics, the closure of institutions like Cabrini University serves as a reminder of the evolving higher education landscape and the need for strategic adaptation to ensure educational access and quality for all students.
