Why more private colleges are closing

About one-third of all colleges and universities in the United States are on an unsustainable financial path, according to a 2012 report from Bain & Company. While some of the schools on that list have resources that could help them stave off closure, smaller, private colleges "need to be on the lookout," said Jeff Denneen, the leader of Bain's Higher Education practice and one of the authors of the report.