Lots and LOTS of colleges need to go out of business.
Unless they get back to education and stop the indoctrination, they should be avoided.
My brother, a recently minted PhD took a job at Sweet Briar College in Virginia which announced it was closing in 2015 for financial reasons.
They were kept open only due to the generosity of many rich and famous alumni but, at some point, that well is likely to run dry.
My brother is moving on to a more stable position at the state university level in Kansas.
In general, university endowments are enormous (but restricted). Even Sweet Briar has an $84 million endowment for a faculty of 110 and a student body under 500 at the time they announced closure. Generous alumni donations plus more serious courses (such as my brother teaches), have put them on a possible but narrow path to survival.
However, were such endowments put into loan funds which schools could be paid back from as graduates moved on to the real world, real jobs and real income, they could operate in perpetuity.
But that would require that they actually teach something which results in real jobs and real income. To achieve that, you would severely need to limit the number of leftwing faculty teaching fluff courses.
They should make the place tuition free, like Burlington College.