Called the Greenway Institute — “green” as in new — the project will adopt instructional methods proven to work well, such as real-world training under the supervision of faculty mentors, while stripping away the frills, distractions and layers of bureaucracy that make college in America so expensive. “It’s not fancy. It’s a place where you do have a meaningful relationship with your faculty members. But you also take out your own trash,” said Mark Somerville, the founding president. Even more unexpected than the location of this startup is the timing. Other colleges and universities are closing or at risk of closing. In Vermont alone, seven private colleges have shut down in the last 10 years. But Somerville, the former provost of Olin College of Engineering, said this “moment of mass extinction” makes it clearer than ever that “we need new models in higher ed.”