After 157 years, Lincoln College may close. Unless, that is, someone comes forward with $50 million.
LINCOLN, ILL. — The point of no return for Lincoln College will arrive within days, and when it does, the bad news will be final: After 157 years, this small liberal arts school named after Illinois’ most illustrious son will close.That’s what President David Gerlach says is necessary to secure the future of the predominantly Black institution, which has seen its finances devastated by the pandemic and a ransomware attack.
Ohio University professor Richard Vedder, who studies the economics of education, said many colleges and universities nationwide are suffering. Young people are questioning whether higher education — and the debt it often entails — is still the best route to financial stability, especially when it comes to schools that aren’t elite institutions.
Gerlach said when he was named president in 2015, he persuaded the board to go back to four-year degrees, believing Lincoln couldn’t compete with cheaper community colleges. The change brought a boost in enrollment, but financial pressure remained: Lincoln consistently spent more than it brought in, and tax documents show its $38 million endowment was halved within a few years.
When that happened, Gerlach said, school officials were finally able to project enrollment for the 2022-23 school year and made a jarring discovery: Instead of the increase they had expected, the number of students would once more remain flat.In late March, he gathered the students in the school gymnasium and told them the college would close by May 13. Students interviewed by the Tribune said they had no idea the school was on such thin ice.
“ is definitely leaving me with an empty kind of feeling,” he said. “I planned on spending the next two years of my life here. I’m confused about what’s going to come next.” Those involved say they know their work is probably in vain, especially given the tight deadline. On Thursday, dozens of schools will come to the campus to help students transfer. The day after that, Lincoln will begin to withdraw from the federal student aid program.
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