Higher education faces financial turmoil as college closures are expected to rise sharply, according to a Federal Reserve Bank of Philadelphia study. At least twenty colleges will shut down in 2024, and another nine will close in 2025, with up to eighty more closures possible by 2029. Declining enrollment, shrinking college-age populations, and rising costs contribute to the trend, often pricing out low-income students. Enrollment among high school seniors dropped to 62% in 2021 from 68% in 2010.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Higher education faces financial turmoil as college closures are expected to rise sharply,
00:07according to a Federal Reserve Bank of Philadelphia study. At least 20 colleges
00:11shut down in 2024, and another nine will close in 2025, with up to 80 more closures possible
00:17by 2029. Declining enrollment, shrinking college age population, and rising costs contribute to
00:24the trend, often pricing out low-income students. Enrollment among high school seniors dropped to
00:2962% in 2021, from 68% in 2010. For all things money, visit Benzinga.com slash GSTV.