In this podcast episode, I examine several important developments that illustrate the growing financial pressures facing higher education. 

I begin by discussing three San Francisco Bay Area colleges that have received serious warnings from their accreditor to improve both their financial performance and student outcomes. 

I also explore the story of Northland College in Wisconsin, where donor-restricted endowment funds were used to help keep the institution operating before it ultimately closed. While the actions may have been legal, I question the ethical implications and argue that financially distressed colleges often find themselves making increasingly difficult decisions simply to survive.

I also discuss several national issues that I believe will shape the future of higher education. I review proposed federal changes to accreditation and explain why I believe today's accreditation system already does too little to evaluate either academic quality or financial health. I highlight Moody's decision to downgrade Brown University's outlook to negative as evidence that even well-resourced institutions face significant financial challenges, and I review new research from Dr. Robert Kelchen that demonstrates how long-term operating losses, enrollment declines, and weakening financial trends can help identify colleges at greater risk.