For much of American history, colleges and universities existed in a world largely insulated from the market forces that shaped other sectors of the economy. Stability, independence and mission were their cornerstones. The idea of one college acquiring another—or joining forces with a competitor—was almost unthinkable. But the landscape has changed. Across the country, institutions are confronting steep enrollment declines, rising costs, shifting federal oversight and new state and accreditor expectations. Faced with these converging pressures, more presidents and trustees are now considering mergers, acquisitions and strategic partnerships not as signs of weakness, but as instruments of reinvention. The playbook for higher education is being rewritten—driven by data, regulation and necessity.
