TIME College

Penn State Frat Suspended Over Facebook Photos of Nude, Unconscious Women

Page featured images of nude, passed out women and drug sales

A fraternity at Pennsylvania State University has been suspended after police accused members of operating a secret Facebook page that featured photos of naked women apparently taken when they were unconscious.

According to WJAC, police in State College, Pa. were given a tip about two Facebook pages where members of the Kappa Delta Rho fraternity allegedly posted images of drug transactions, hazing, and partially nude women. The women in the images appeared to be “passed out or sleeping,” according to police.

The Facebook pages, titled “Covert Business Transactions” and “2.0,” were invite-only. After the “Covert” page was shut down, “2.0” appeared in its place. The page had at least 150 members, including current students and alumni.

The Penn State Interfraternity Council said in a statement it has suspended the full chapter and it will undergo a “conduct review session.”

[WJAC]

Read next: The Historical Roots of Fraternity Racism

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MONEY College

The 50 Best Private Colleges for Earning Your Degree On Time

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iStock

There aren't many "super seniors" at these private schools, where almost every student earns a bachelor's degree in just four years—and avoids the high cost of a longer stay.

Paying four years’ worth of college tuition is hard enough. But too many parents and students don’t realize that there’s a good chance they’ll have to pay for five, since 45% of full-time students need at least an extra year of school to earn a bachelor’s degree, according to Judith Scott-Clayton, an economist at Teachers College, Columbia University.

That common miscalculation can be “devastating” to a family’s finances, says Jim Briggs, a founder of Reducing College Costs, a private financial aid consulting firm. Since an extra year at a private college can easily cost more than $50,000 these days, “we are talking about a lot of money,” Briggs adds.

Before committing to a college, you should check the four-year graduation rate with the U.S. Department of Education. If the rate is low, ask the college and some students why that is, Briggs advises.

While students themselves cause many delays—by flunking required courses or changing majors late in their college careers—some schools do an especially good job of helping students get the courses they need to finish up in four years, saving parents that unpleasant surprise of a fifth year’s worth of bills, Briggs says.

At these 50 private colleges, you’ll have the best chance of graduating on time. At all of them, the average student graduates in 4 to 4.1 years, and more than 80% of the student body earns a bachelor’s degree within those four years. This list, ranked by four-year graduation rate, also includes Money’s best college values ranking and our estimate of how much the degree will cost if you get the typical amount of financial aid.

Your net cost will be lower if you take advantage of, say, federal education tax credits, or if you receive scholarships from private organizations or federal, state, or local government agencies. It will be higher if you don’t receive any financial aid.

College State Money ranking % of freshmen who earn a bachelor’s in 4 years Estimated average net cost of a degree for class of 2019
1) Pomona College CA 50 93% $167,662
2) Haverford College PA 122 91% $187,297
3) Yale University CT 15 90% $188,279
4) University of Notre Dame IN 20 90% $190,073
5) Williams College MA 14 90% $173,630
6) Carleton College MN 79 90% $183,529
7) Davidson College NC 72 90% $170,095
8) Vassar College NY 129 90% $159,658
9) Hamilton College NY 101 90% $187,252
10) Amherst College MA 17 89% $161,350
11) Boston College MA 122 89% $207,603
12) College of the Holy Cross MA 101 89% $191,814
13) Colby College ME 86 89% $195,668
14) Swarthmore College PA 32 89% $180,033
15) Georgetown University DC 37 88% $210,612
16) University of Chicago IL 101 88% $194,477
17) Bowdoin College ME 44 88% $185,213
18) Bates College ME 150 88% $199,275
19) Washington University in St Louis MO 62 88% $218,216
20) Princeton University NJ 4 88% $150,602
21) University of Pennsylvania PA 11 88% $207,659
22) Harvard University MA 6 87% $186,658
23) Tufts University MA 72 87% $207,047
24) Johns Hopkins University MD 107 87% $216,263
25) Duke University NC 32 87% $198,588
26) Dartmouth College NH 24 87% $194,752
27) Cornell University NY 24 87% $200,157
28) Colgate University NY 27 87% $192,119
29) Bucknell University PA 45 87% $204,082
30) Vanderbilt University TN 50 87% $165,615
31) Middlebury College VT 47 87% $208,897
32) Harvey Mudd College CA 7 86% $193,324
33) Wesleyan University CT 169 86% $199,874
34) Northwestern University IL 129 86% $206,162
35) Brandeis University MA 248 86% $197,555
36) Columbia University in the City of New York NY 22 86% $212,954
37) Kenyon College OH 94 86% $196,119
38) Villanova University PA 114 86% $202,283
39) Washington and Lee University VA 39 86% $153,859
40) Macalester College MN 214 85% $143,259
41) Lafayette College PA 28 85% $183,806
42) Claremont McKenna College CA 47 84% $202,642
43) Emory University GA 156 84% $217,059
44) Babson College MA 1 84% $204,884
45) Massachusetts Institute of Technology MA 3 84% $159,316
46) Wellesley College MA 95 84% $170,844
47) Franklin and Marshall College PA 248 84% $196,727
48) Brown University RI 19 84% $197,789
49) Occidental College CA 285 83% $191,630
50) St Olaf College MN 359 83% $139,836
MONEY College

The 10 Colleges With the Most Generous Financial Aid

Vanderbilt University
courtesy of Vanderbilt University At Vanderbilt University, the average merit award tops $20,000.

These top schools offer enough money to cover students' financial needs—and hand out award ample merit grants to high achievers too.

If you need a lot of financial help to pay for college, you’ll have much better odds at a schools that has a generous aid budget.

Unfortunately, these days that’s a small group. The average college provides only enough scholarships or grants to meet 70% of what low- and moderate-income students need to pay the bills, according to data provided by the colleges to Peterson’s.

In all, only 64 colleges in the country say they hand out enough aid to meet the full demonstrated financial need of every regularly admitted undergraduate, according to Peterson’s data. And many members of that elite group, including schools in the Ivy League, don’t provide a penny in merit scholarships. That means no scholarships to students who don’t qualify for need-based aid, no matter their academic achievements.

So Money crunched financial-aid data to find the 10 schools on our Best College Values list that not only provide 100% of the scholarship money they think you need, but also have large merit-aid budgets to help high-achieving, wealthier students.

It’s important, however, to be realistic about what’s “generous.” When colleges say they “meet full demonstrated need,” that doesn’t mean they give everybody full-tuition scholarships. Colleges first calculate how much they think your family can afford to pay (also known as the “expected family contribution”), using the financial information you provide on the FAFSA or the College Board’s CSS/Financial Aid Profile.

On top of that number, many colleges add an expectation that students will take out loans and earn a few thousand dollars a year. The difference between the total expected student and parent contribution and the cost of the college is your “need.” That’s the amount that the most generous colleges will provide in need-based scholarships. Merit scholarships are awarded without regard to your family’s financial situation. (For tips on how to appeal for additional aid, click here.)

School Money rank Avg. est. total family education-related debt Est. average net price of a degree % of students who get merit awards Average merit grant
Vanderbilt University 49 $6,649 $160,791 10% $23,789
Rice University 20 $8,447 $149,851 15% $11,833
Duke University 32 $9,694 $192,804 12% $19,823
Davidson College 72 $10,842 $165,141 6% $22,246
Grinnell College 144 $11,325 $123,981 15% $15,093
University of Chicago 106 $12,986 $188,813 17% $10,205
Kenyon College 94 $13,313 $190,407 13% $13,040
University of Richmond 120 $14,317 $157,221 16% $23,300
Washington and Lee University 39 $15,270 $149,377 8% $35,060
Harvey Mudd College 7 $17,736 $187,694 20% $9,743

Notes: Average total estimated debt is federal student debt and parent Plus loan borrowing per graduating senior; net price for freshman starting in the fall of 2014.

Sources: Peterson’s, U.S. Department of Education, Money calculations.

MONEY College

How to Land More Money to Pay for College

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Getty Images

Want a bigger financial aid package now that you've been accepted to college? These four moves can strengthen your appeal.

There’s a new spring ritual for parents of high school seniors: financial aid appeals.

Increasingly, college acceptance letters that make your kid shout for joy are likely to make you want to cry for help. On average, schools are giving only 70% of the grants that families, on top of their expected contributions, need to cover the cost of attendance, based on data from Peterson’s. Most colleges, especially public universities, simply don’t have enough money to fully fund every qualified student.

You may be able to win more aid with a well-crafted appeal. It’s not a sure thing: If your kid has neither exceptional talents nor above-average test scores compared with other applicants, don’t expect an above-average merit grant. And colleges may reduce aid offers in response to misguided appeals, says Al Hoffman, director of the College Funding Service Center, a financial aid consultancy in New London, Conn.  “You don’t get the dance unless you ask for it,” he says, “but you’ve got to be careful.”

Follow these tips to draft an appeal letter more likely to win extra grant dollars (and check out our list of the 10 colleges with the most generous aid budgets):

Be realistic about your need. Showing legitimate reasons the school overestimated how much you can afford (such as recent pay cuts or increased medical expenses) is the strategy most likely to win sympathy—and additional aid. Discretionary expenses, however, such as high credit card or car payments, generally aren’t persuasive, warns Brad Barnett, senior associate director of financial aid and scholarships at Virginia’s James Madison University.

Time your request correctly. Colleges carefully monitor who is sending in deposits and by late April have a good sense of whether they’re on target to fill their class, explains Robert Massa, senior vice president for enrollment at Drew University in New Jersey. His advice: File your appeal with your first-choice school in mid-April. The schools that are overenrolled by then probably won’t give you more money anyway, but the others might be worried enough to reconsider the aid package they’ve offered.

Show academic improvement. Many merit grants are based on grades and test scores reported early in the fall of a student’s senior year. Some schools may offer higher merit aid if a student brings his score up on the ACT or SAT later in his senior year, says Deborah Fox, a college planning adviser in San Diego. Louisiana State University, for example, takes scores through April 15; University of Maine, through May 1.

Leave the door open. If financial reasons compel your child to turn down a college she really wants to attend, she should write a polite letter declining the offer of admission and explaining the reason. Some colleges that didn’t fill their classes last spring circled back in May to offer increased aid to certain students who had rejected them, says Hoffman.

Related: 7 Legal Ways to Squeeze More College Aid From the FAFSA

MONEY College

Don’t Be Too Generous With College Money: One Financial Adviser’s Story

When torn between paying for a child's education or saving for retirement, parents should save for themselves. Here's why.

Saving money isn’t as easy — or as straightforward — as it used to be. Often, people find they have to delay retirement and work longer to reach their financial goals. In fact, one of the most common issues parents face these days is how to save for both retirement and a child’s college fund.

Last month, for example, I met with a couple who wanted to open college savings funds for each of their three children. They were already contributing the maximums to their 401(k)s with employer matches. I applauded their financial foresight; it’s great to see people thinking ahead.

Then I gave them my honest, professional opinion: Putting a lot of money into college funds isn’t going to help if their retirement savings suffer as a result. Sure, they’ll have an easier time paying tuition in the short term, but down the road their kids may end up having to support them — right when they should be saving for their own retirement.

The tug-of-war between clients’ retirement and their children’s education can lead to difficult conversations with clients, and difficult conversations between clients and their children. Who wants to deprive their children of their dreams and of their top-choice school?

I try to be matter-of-fact with my clients about this sensitive subject. I start with data: If you have x amount of money and you need to put y amount away for your own retirement, you only have z amount left over for your children’s college.

I also talk a little about my own experience — how my parents were able to write a check for my college tuition. But college was less expensive then, and costs were a much smaller percentage of their salary than they would be today. Times have changed.

As much as we all want to be friends with our children, we have to put that aside. I tell people that if they don’t know whether they should put their money in a 529 account or their retirement account, they should put it in their retirement account. Financial planners commonly point out that you can get a loan for college but you can’t get one for retirement.

I don’t think people realize that. I think that they just want to do right by their children.

After I talk about my own experience, I move on to my recommendation. I tell clients that one way to approach this issue with their children is to make them partners in this venture. Tell them that you’re going to pay a portion of the cost of education. Set a budget for what you can afford, then work with them to find a way to fill in the gaps. Make a commitment, then stick to it.

I explain to my clients that choosing their retirement doesn’t mean that they can’t help your children financially and it doesn’t mean they are being a bad parent or are being selfish. It does mean that they should prioritize saving for retirement.

When clients tell me that they feel guilty for putting their retirement first, I ask them this: “Where is the benefit in saving for your children’s college but not for your own retirement?” Without a substantial nest egg, I tell them, you could end up being a burden on your children when you’re older.

And there’s an added bonus, I tell them: If your kids see you putting your retirement first, it might teach them about the importance of saving for their own retirement. That could end up being the best payoff of all.

Read Next: Don’t Save for College If It Means Wrecking Your Retirement

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Sally Brandon is vice president of client services for Rebalance IRA, a retirement-focused investment advisory firm with almost $250 million of assets under management. In this role, she manages a wide range of retirement investing needs for over 350 clients. Sally earned her BA from UCLA and an MBA from USC.

MONEY Student Loans

6 Ways the New ‘Student Aid Bill Of Rights’ Will Help Borrowers

President Barack Obama speaks at Georgia Tech
David Goldman—AP

On Tuesday President Obama proposed some relief, but experts say more is needed.

President Barack Obama on Tuesday proposed a “student aid bill of rights” that offers about a half-dozen small but important improvements for the 40 million Americans who are dealing with student loans.

While congressional action would be needed to make significant changes in the student loan program, President Obama has ordered the Department of Education to take steps by 2016 to make things simpler and easier for student borrowers.

In a speech at Georgia Tech, the president said the federal government will now “require that the businesses that service your loans provide clear information about how much you owe, what your options are for repaying it, and if you’re falling behind, help you get back in good standing with reasonable fees on a reasonable timeline.” The reforms announced today will:

1. Create a centralized website that makes it easy to file complaints and to see all your student loans in one place. Jesse O’Connell, assistant director of federal relations for the National Association of Student Financial Aid Administrators, said many students are confused by the government’s use of contractors to collect their loans. Some borrowers who receive letters from these anonymous-sounding private companies, such as Navient (a spinoff of Sallie Mae), throw the letters away, thinking they are identity theft scams. A simple centralized website where borrowers could see all their student debt information, payment amounts, and due dates is a “basic consumer-friendly protection,” O’Connell said.

2. Try having federal employees collecting debts instead of private contractors. The Department of Education is already working with the Department of the Treasury to test out having federal employees collect defaulted student loans. Deanne Loonin, of the National Consumer Law Center, called this a good first step, though only a first step. In a blog post about the proposals, she called the use of private debt collection agencies “a disaster” for financially distressed borrowers, and called for the Department of Education to stop using private debt collectors all together: “Debt collectors are not adequately trained to understand and administer the complex borrower rights available under the Higher Education Act, and the government does not provide sufficient oversight of their activities.”

3. Make it easier for borrowers who become disabled to get their student loans discharged. Currently, some borrowers who qualify as disabled through the Social Security system don’t know that they are eligible for a disability discharge, Loonin says. Making the disability discharge rules clear and consistent “is a critical change for some of the most vulnerable borrowers and should be implemented immediately,” she wrote.

4. Ensure that the private debt collectors hired by the Department of Education apply prepayments first to loans with the highest interest rates, unless the borrower requests a different allocation.

5. Make it easier for students to get IRS information to qualify for income-based student loan repayment.

6. Clarify the rules under which students who declare bankruptcy can get their student loans reduced or eliminated. Congress and the federal bankruptcy courts have imposed tough rules that make it far more difficult for student loan borrowers to get out from under their obligations than almost any other kind of debt. But the president asked the Department of Education to at least clarify the rules to collectors so they can be applied consistently.

What Government Can Do Next

While these steps would improve the lives of many people struggling with student debt, experts pointed to three bigger, but politically unlikely, changes that could make student loans far more affordable and fairer. First, simplify the government’s complicated, income-based repayment system into one option, and automatically sign all borrowers up for the program. University of Michigan economist Susan Dynarski, one of the nation’s leading researchers on financial aid, calls the current menu of “income-driven,” “income-contingent” and “income-based” options a “bewildering array” that requires students to jump through many bureaucratic hoops to qualify for the payment plans that will benefit them the most.

Second, stop charging fees on federal student and parent loans. O’Connell, of the association of financial aid administrators, says that the 4.292% fees on federal parent PLUS loans, for example, are not well explained to borrowers and add an unnecessary expense to families. Eliminating them, which would take congressional action, would save families more than $1 billion a year, he says.

And finally, make it easier for borrowers in dire financial straits to reduce or eliminate their loans in bankruptcy. Loonin, at the NCLC, notes that bankruptcy judges across the country apply varying levels of strictness to the rules, which say loans can only be discharged if repaying would cause an “undue hardship.” These variations make it unfair for borrowers seeking relief and force many to spend what little money they do have on lawyers. Since the strict bankruptcy rules were created by Congress, however, it’s up to Congress to change them.

Read next: The 100 Best Private Colleges for Student Borrowers

MONEY Student Loans

Help! The Government Seized My Tax Refund to Pay My Student Loan Debt

Tax Refund check on dark background
Getty Image

If you are in default on your federal student loans, the government can take your tax refund. Here's what you can do about it.

Many people have already filed their taxes this year — particularly those owed refunds. Because of rising taxpayer identity theft, it’s a smart idea for anyone to file quickly. However, some taxpayers are discovering the refund they thought was coming has instead has been taken to pay their student loan debt. Here’s a sample of questions recently sent to Credit.com:

  • From Amber: Is there anything i can do to stop my whole federal refund from going to my student loans? … I’ve just set up a payment plan, but I really need my refund this year.
  • From Peggy: I was looking forward to my tax refund as it will help with bills and much needed things for the baby. It was accepted and … now after digging around I found out they are sending it to the U.S. Dept. of Ed. for my student loans which I thought were in deferment. Now this is causing me and my kids a hardship but they refuse to send me the refund… What can I do to get my refund owed to me?
  • From Luis: I heard that if your student loan is in default and they are intercepting your taxes, It goes towards interest of the loan. Getting your loan out of default you can then get the intercepted (money) back. Is this true? Is there some info on this?

First, some background: If you are in default on your federal student loans (which by definition means you are behind by 270 days or more), the Department of Education can take your tax refund using the Treasury Offset Program. This program authorizes federal payments such as tax refunds or Social Security income to be intercepted in whole or in part to pay debts owed to other federal agencies. There are some limited consumer protections, but debtors aren’t always aware of them.

What Can You Do if Your Refund Was Seized?

We spoke with Jay Fleischman, a student loan and bankruptcy attorney, about what people can do. First, he said that by federal law, people who have student loans in default get a notice in advance warning that they are at risk of having any potential tax refund seized for student loan repayment. That notice contains instructions for a review of your loan information and how to avoid the offset.

If your refund is taken, you can still request a hearing. If it was taken in error, the money will be refunded. However, be aware that an error does not generally include not getting a notice; it typically would require that you be able to prove your student loan was not in default. (There is a case where you will likely get a refund; more about that in a moment.)

Fleischman said it’s a good idea to adjust your withholdings whether you’re subject to a tax refund offset of not. A large tax refund means you overpaid your taxes during the year, he notes. If you are in default on your federal student loans you probably need that money. But at this point, there is nothing you can do to change the overwithholding from last year. Still, revisiting how much you’re having withheld for taxes is a smart move for anyone who got a large refund.

The bigger problem is how you are going to deal with the default on your student loans from now on. You’ll want to get out of default and stay that way. Fortunately, there are many payment options; you should be able to make one work for you. In some cases, income-based repayment payments can be set as low as $0. And “if your circumstances are dire and expected to remain so,” bankruptcy and the discharge of student loans might be options, Fleischman said.

The one case in which you are likely to be able to recover the money is if you filed jointly with a spouse, and it was his or her student loan that was in default. “You may be able to make an injured spouse claim,” said Fleischman.

For most, what is done is done. The best thing you can do is to look ahead. And if you haven’t filed your tax return and expect a large refund, you may want to see what options you have to get out of default first. Being in default on a student loan can not only squeeze your budget, it can hurt your credit and cost you thousands of dollars in higher debt costs over a lifetime. You can get two of your credit scores for free, updated every month, on Credit.com to track your standing.

More from Credit.com

This article originally appeared on Credit.com.

MONEY College

Graduates of These Colleges Make the Most Money (and It’s Not Just the Ivies)

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Lawrence Sawyer—Getty Images

Party schools do better than you'd think—but there's a twist.

Far and away, the nation’s science, math, technology, and Ivy League colleges produce the highest-earning graduates, according to PayScale.com salary data released today.

The average grad of math- and science-heavy colleges such as Harvey Mudd, CalTech, and the Georgia Institute of Technology out-earned grads of any other type of college, netting $677,000 more in earnings over 20 years than someone who didn’t attend college at all (minus the cost of attending the college).

Graduates of the Ivy League came in a close second, netting $650,000 in extra earnings over the first 20 years of their career. Both groups of schools report returns on investment that are at least 80% higher than any other type of school in PayScale’s analysis.

Hope if You’re Hopeless at Math

But what if you’re not a math genius, or lucky enough to get into an Ivy League college?

PayScale says the next-highest-earning group of colleges are so-called “party schools,” such as the University of Florida, Syracuse University, and Penn State, whose graduates’ salaries over 20 years added up to a net extra $354,000.

Graduates of research universities, such as large private universities and flagship public schools, and so-called “sober” schools, such as religious schools, commuter colleges, and military academies, earned just slightly less, on average, than party school alums.

Graduates of arts and liberal arts schools reported comparatively low salaries, notching a return on investment over 20 years of about $200,000. Music school graduates had the lowest average 20-year return of just $128,000 over their costs.

So Party On?

PayScale spokeswoman Lydia Frank says neither parents nor students should take the party school findings too seriously, however. “That was just a fun comparison and kind of surprising,” she says. “Apparently there is some studying happening in between partying.”

What’s more, the salaries reported on PayScale.com are only for college graduates whose education ended with a bachelor’s degree and who work full-time. All the students who couldn’t balance partying with class work and dropped out aren’t counted.

That could be a big number. There is plenty of research that shows that students whose partying involves lots of drinking flunk or drop out at a higher rate than those who have more moderate social habits. And federal earnings data show that college dropouts have a harder time finding jobs, and earn less, than college graduates do.

Meanwhile, other studies shows that the more time undergraduates spend intensely studying–especially studying alone–the better their odds of getting a good job after school.

Scott Carrell, an economist at UC Davis who has studied how alcohol use affects academic performance, says that the PayScale findings could reflect one important truth: Students who manage to graduate from a party school may have developed self-restraint, social skills, and networks of friends that help them find better paying jobs after graduation.

But Carrell also questioned the accuracy of Princeton Review’s labeling of selective universities such as the University of Florida and UC Santa Barbara as “party schools” over less selective and, perhaps, jollier schools such as Chico State University.

The bottom line, Carrell says, is that students shouldn’t conclude from the PayScale data that it pays to go to a “party” school because, he says, “you don’t know if you will be the one who drops out.”

The Top 10

These 10 colleges were ranked highest in PayScale’s latest return on investment analysis: the total average earnings for each school’s graduates over 20 years, minus the cost of attendance and the average pay of someone who didn’t attend college.

College 20-year ROI
Harvey Mudd College $985,300
California Institute of Technology (Caltech) $901,400
Stevens Institute of Technology $841,000
Colorado School of Mines (in-state) $831,000
Babson College $812,800
Stanford University $809,700
Massachusetts Institute of Technology (MIT) $798,500
Georgia Institute of Technology $796,300
Princeton University $795,700
Colorado School of Mines (out-of-state) $771,000

Money uses PayScale.com earnings data as a part of its college rankings, but balances that data with graduation rates, student loan repayment rates, educational quality indicators, and value-added measures. See which colleges Money judges offer the best value overall.

MONEY College

Some Small Private Colleges Are Facing a “Death Spiral”

150304_FF_SWEETBRAIR
Courtesy of Sweet Brair College Virginia's Sweet Briar College, facing a "financially unsustainable" future, announced this week that it would be closing.

The closure of Sweet Briar College is an example of how winner-take-all economics is starting to hit colleges.

The announcement that Sweet Briar College, a private women’s college in rural Virginia, would shut down this summer—even as elite private colleges such as Harvard reported record numbers of applications—reflects a new reality for students and colleges, experts say.

While the elite colleges can keep raising prices and soliciting big donations, small private colleges that don’t offer what today’s students want – generous financial aid, access to urban activities and job markets, and a name that will impress employers – are facing potentially devastating financial pressures that can lead to a “death spiral” of declining admissions, tuition revenues, and contributions.

The pressures facing small private colleges are part of a larger financial squeeze on almost all kinds of colleges. Nearly all of the nation’s public universities, for example, suffered dramatic budget cuts after the 2008 recession. Some public college systems, such as those in Louisiana and Maine, have been so debilitated by cuts that schools have had layoffs, closed entire departments, and are facing the prospect of having to shut down campuses entirely.

Several for-profit colleges, like Anthem and Corinthian, have shut down in the last year, in part because of government crackdowns on schools with low graduation and student debt repayment rates.

Many traditional nonprofit private colleges are struggling for two other reasons: declines in the number of 18-year-olds in certain parts of the country (especially the Northeast and Midwest) and the worsening financial outlook for the middle-class families who, historically, have wanted to send their children to private institutions.

The Census Bureau says the total number of college-age Americans (18-24) is expected to decline slightly between now and 2020. from 30.9 million to 30.8 million. In addition, the median income for American families was around $52,000 last year—about 5% less, in real terms, than it was a decade ago.

The result, according to a December 2014 Moody’s analysis of the financial situation facing colleges, is a widening winner-take-all divide, in which wealthy institutions with global reputations that can attract high-paying international students will continue to thrive. Schools that aren’t attractive to a national or international market and don’t have a “demonstrated return on investment…will face increased competition from cheaper public higher education as well as distance learning options,” Moody’s warned.

(MORE: See if your college offers a good return on investment.)

The rich and famous colleges are certainly enjoying unprecedented success. Harvard, for example, reported a record 37,305 applications for its fall 2015 freshman class. And between donations and the booming investment market, its endowment rose by $3.5 billion to $35.9 billion in 2014.

Meanwhile, the median American college saw an endowment gain of just $15 million, to bring the typical endowment up to just $113 million. And the average private college has had to provide so much financial aid to attract students that its net revenue per student from tuition, fees, and room and board have remained flat, in real terms, over the last decade, according to the College Board.

An analysis of schools that have recently shut down, or are facing an imminent closure, shows that certain kinds of private colleges, such as small, rural colleges that serve comparatively small communities, appear to be facing the most difficult struggles to recruit enough students to stay afloat.

(MORE: See how to tell whether your college is in deep financial trouble.)

Sweet Briar, located in a small community 120 miles southwest of Richmond, has only 710 students and was having trouble recruiting new ones because fewer women seem to want to attend an all-women’s college these days, college president James F. Jones Jr. said in the closure announcement. “The declining number of students choosing to attend small, rural, private liberal arts colleges and even fewer young women willing to consider a single-sex education, and the increase in the tuition discount rate that we have to extend to enroll each new class is financially unsustainable,” he explained.

Mid-Continent University, of Mayfield, Ky., a Baptist college that shut down last June after the federal government found problems in the financial aid office, had about 2,200 students in a town about 150 miles northwest of Nashville. And Lebanon College, a two-year private college 75 miles northeast of Manchester, N.H., had fewer than 90 students when it closed last summer.

Tennessee Temple University, which The Chatanoogan reported recently is considering closure, is a Baptist school with about 1,000 students.

Richard Ekman, president of the Council of Independent Colleges, an association of small private schools, says predictions of a tsunami of private college closures are unfounded. “It is pretty hard to kill a college,” he notes. And in fact, while there is no official count of the number of college closures, a search of news reports for private, nonprofit colleges that have closed or considered closure in the last year turned up no more than about a dozen or so names out of the approximately 1,650 private nonprofit colleges operating today.

The vast majority of private colleges are responding to financial pressures by using technology and online materials to reduce their costs, raising more financial aid donations to be able to enroll more cash-strapped students, and developing new professional and online programs to attract new kinds of tuition-paying students such as working adults, Ekman says.

But Ekman acknowledges these strategies won’t save every college. There is growing competition among colleges for working adult students and online courses, for example, he notes. And most private colleges don’t have big endowments to allow them to ride out continuing economic stresses. “The colleges are doing what they should be doing,” he said. “The question whether they are doing it quickly enough.”

MONEY College

My Son Isn’t Going to College. Now What?

College savings seemed to go according to plan, but now the beneficiary has strayed from the script, and the parent is worried he'll get the funds.

Q. My son is turning 18 and I’ve saved more than $200,000 for him for college. He doesn’t want to go. Some of the money is in UTMAs, some in a 529 Plan and some in savings bonds. I don’t want him to live off the money and not get a job. Help!

A. Bet that threw you for a loop.

Each of the kinds of assets you saved for your son is treated a bit differently, so let’s take stock of what you have.

Custodial Accounts

The assets you saved in a custodial account — Uniform Transfer to Minor Act accounts, or UTMAs — will be his when he reaches the age of majority, said Bryan Smalley, a certified financial planner with RegentAtlantic Capital in Morristown.

In New Jersey, the age of majority is 21. That means that there are three more years before the assets officially become your son’s.

“A lot can happen in the next three years: your son could start a career and be self-sufficient — therefore not needing the money to support his lifestyle — he could start his own company and use the UTMA funds to help grow the business, or he could end up deciding to go the college,” Smalley said. “Who knows, a few years of earning minimum wage and seeing all of his friends move on with their lives may be all the motivation he needs to hit the books once again.”

The 529 Plan

The 529 account is different. As long as you’re the owner of the account, you retain control of the funds and there is no time limit on when you need to use them,” Smalley said.

If your son decides to go to college in a year or two, the funds will be there.

“If your son does not go to college, you can always use the funds for another of your children’s college education — if your son is not an only child — or hold onto the account and use it for a future grandchild’s college education,” Smalley said.

Savings Bonds Earmarked for College

If either of those options are not of interest to you, you can always withdraw the funds from the 529 account and use them elsewhere, Smalley said. But that move comes with a price. You’ll have to pay a 10% penalty plus taxes on the earnings in the account if you use the funds for anything other than qualified higher education expenses.

On your savings bonds — assuming they are either EE or I bonds — if they are owned in your name, your son does not have a right to them even though they were purchased with the intent to pay for his college education, Smalley said. You may continue to hold onto them or cash them in.

“Please note that if they are not used to pay for higher education expenses the interest on the bonds is not deductible on your tax return,” Smalley said.

If you purchased bonds in the name of your son, you can have them reissued in your name. The caveat here is that you cannot have them reissued if they were purchased with your son’s own money, such as with money from an UTMA.

“As you can see, not all is lost. While it must be disappointing that your son does not want to go to college now, it is not an irrevocable decision,” Smalley said. “He could always change his mind and go later or perhaps he finds his success on a path that does not travel through a college education.”

More from Credit.com

This article originally appeared on Credit.com.

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