Over the past 5 years, Vermont has seen over 20% of the state's colleges and universities close or merge.
In 2019 alone, we saw Southern Vermont College, Green Mountain College, and College of St. Joseph all close.
Since then, Marlboro College merged with Emerson and New England Culinary Institute closed its doors as well.
What Is Actually Happening In Vermont?
The story playing out in Vermont isn’t new to any of us.
Declining enrollment coupled with rising costs is creating a perfect storm for cash-poor, tuition dependent institutions.
When you add in increasing price pressure and declining consumer confidence it’s no surprise we’re seeing a rash of closures, mergers, and acquisitions.
But what is surprising is the rate at which it’s playing out in Vermont v. the rest of the country.
Between 2016 - 2019, across the U.S. the industry experienced 20 closures of private, nonprofit institutions - 30% of them were from Vermont.
What Makes Vermont Different?
For starters, the state historically has had the nation’s highest number of colleges per capita, with many of those organizations being smaller, private institutions with low (often <1,000) student enrollment.
And despite having the country’s second smallest GDP, Vermont also has the nation’s highest average college tuition for public institutions (both in-state and out) and the second highest cost for private four-year institutions.
But despite these facts, the truth of the matter is…
Vermont Isn’t An Outlier, It’s An Early Indicator
While the pressures in Vermont are heightened, they’re being faced by tuition-dependent colleges and universities across the country.
And while experts may debate the validity of grandiose predictions of mass closures, for at least one state the predictions appear to be coming true.
So What Are Colleges To Do?
Just as we can look to Vermont as a canary in the collegiate coal mine, we can also look to the state for examples of organizations not only surviving, but thriving despite the headwinds incumbent institutions are facing.
Whether it’s significant reduction in student tuition, expansion of online and military-specific educational offerings, or new and unique B2B partnerships, there are institutions within the Green Mountain State that are demonstrating an ability to adapt and adjust.
But despite these successes for some, the closures and mergers are mounting for many.
And it would be a mistake to assume that what is happening in Vermont will stay in Vermont.
So while we can debate whether or not 20% of our country’s colleges will close, in the case of Vermont I would say - they already have.
About the Author
Seth is the founder and CEO of Kanahoma, a San Diego-based education marketing agency. Operating at the intersection of beautiful brand creative and effective direct response marketing, Kanahoma partners with colleges and universities, education technology and service providers, as well as K-12 organizations.
You can learn more about Kanahoma at www.Kanahoma.com.