We don’t take any pleasure in bad news but College Insurrection reported this was going to happen many months ago.

Paul Caron of the TaxProfBlog points to a new report from Bloomberg which confirms early speculation.

Small Colleges Battle Death Spiral as Enrollment Drops

Bloomberg:  Small U.S. Colleges Battle Death Spiral as Enrollment Drops:

Moody’s, which rates more than 500 public and private nonprofit colleges and universities, downgraded an average of 28 institutions annually in the five years through 2013, more than double the average of 12 in the prior five-year period. Dozens of schools have seen drops of more than 10 percent in enrollment, according to Moody’s.

A picture is worth a thousand words.