In addition to the three colleges mentioned in this article, Burlington College accounts for four colleges that closed in Vermont this decade, All of the colleges were private so some type of financial arrangement would have been necessary to take the colleges from private to public. Some of the colleges were niche colleges with missions and educational classes that did not make financial sense for students when comparing the tuition paid versus the economic opportunities and potential upon graduation.
Another possible factor was that in the public higher education arena a few years ago Johnson State College and Lyndon State College merged to form Northern Vermont University. That merger was based upon the declining enrollment at Johnson State. The state of Vermont probably only has limited funds to undertake the consolidation of schools, let alone assuming the debts that the private colleges incurred. For example, even after all of the assets of Burlington College were sold it still did not cover the debts. They were bankrupt.
The accreditation boards also implemented tougher financial standards during this decade. Is it wise public policy to keep extending a lifeline to these colleges when they are facing higher standards to stay accredited, declining enrollments, and no reasonable solution to fix their finances besides discontinuing the programs that attracted students to enroll?
While I'm saddened to see any educational institution close, there also needs to be a mission that attracts students and that is viable economically. The fact that these colleges didn't produce alumni that donated significant amounts or generate support in their communities to fund their endowments says something was wrong with their mission and that the people most directly affected by their continued existence didn't care. If those most affected didn't care, then why should the taxpayers gamble throwing good money after bad? The conditions for the private colleges may also get worse if a "free tuition" proposal for public colleges is adopted.
I agree that it will cost the communities where the colleges were located money and that the state will have to pay for unemployment benefits. There is also the lost opportunity to students to further themselves. However, I hope that the students that are affected by the closings will be able to complete their educations elsewhere.