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Wittenberg is one of hundreds of SLACs (Small Liberal Arts Colleges) that have no business still existing. There are more than a dozen in Ohio alone. These places have utterly failed, and they can't or won't admit it. They should have closed years ago, but they insist on running zombie colleges that do nothing but provide shitty, overpriced education mostly to washed-up student athletes or kids who don't want the stigma of attending a Community College.
So they continue to absolutely hemorrhage money (after already wasting a shitload of COVID bail out money) while eternally gaslighting their students, faculty, and staff into believing that there's nothing wrong and that there's still a chance of survival. Wittenberg is now making the classic move of rearranging the deck chairs on the sinking ship rather than just fucking jumping off and letting it sink. This is the endgame of the death spiral of the Liberal Arts college.
Places like Wittenberg are imploding while Ohio State, Marshall, Wright State, and other regional publics are enjoying record freshman enrollment. Massive wins even in the face of demographic decline. Marshall doesn't even have enough dorm room space. But nah, spend 4 times as much on a failing school that doesn't even want or pay professors to teach you.
They won't survive. This is the endgame.
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If they need to make these cuts, then they already are the kind of institution you describe.