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The higher education system, which was already seriously struggling prior to the COVID pandemic, is at a new low since the pandemic began. In fact, in 2022, one million fewer college age Americans have enrolled in college than prior to COVID.

Many students have begun to realize that the cost of higher education simply does not balance out with the return on investment. They are strapping themselves to financial burdens that can’t be forgiven, even in cases of bankruptcy, while not getting the jobs they’re seeking in their field of study after all their efforts.

The result of all of this is that many colleges are in financial straits and they are struggling to keep their doors open at all. The question is, what does this mean for students who are already attending one of these struggling colleges? What happens when a school closes permanently?

For many students, this can mean that credits are transferred to a different school, but this process can be complicated to navigate. Ultimately, any student whose school has closed or who is attending a struggling school, should seek legal advice and help to ensure that they are able to get everything that’s due them, from transferred credits to financial restitution.

Learn more about why colleges go out of business in the infographic below:

Why Colleges Go Out of Business

NowSourcing

Brian Wallace/a> is the Founder and President of NowSourcing, an industry leading infographic design agency , based in Louisville, KY and Cincinnati, OH which works with companies that range from startups to Fortune 500s. Brian also runs #LinkedInLocal events nationwide, hosts the Next Action Podcast, and has been named a Google Small Business Advisor for 2016-2018. Follow Brian Wallace on LinkedIn as well as Twitter.

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NowSourcing

Brian Wallace/a> is the Founder and President of NowSourcing, an industry leading infographic design agency , based in Louisville, KY and Cincinnati, OH which works with companies that range from startups to Fortune 500s. Brian also runs #LinkedInLocal events nationwide, hosts the Next Action Podcast, and has been named a Google Small Business Advisor for 2016-2018. Follow Brian Wallace on LinkedIn as well as Twitter.

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