[aomurphy]

This has been predicted in higher ed for the past ~2 decades. It's relatively easy to look at the number of students in the pipeline, and you can see there were two big peaks in the last half century: baby boomers in the 60s-70s, and their children in the 90s-2000s. They managed to keep the boom going a little longer in the late 2000s with increased international enrollment, but it's over now (peak enrollment was 2010).

the other big trend has been that colleges in the US are disproportionately concentrated in a broad arc from New England through the Midwest for historical reasons, but young people in the US are increasingly concentrated in the South and West. I suspect we'll see a die off of lots of the small colleges that really only appeal locally throughout those areas. It's going to be pretty painful, look at what happened with Sweet Briar, which just managed to stay open (and admittedly suffered from another big trend: the death of women's colleges).

The best source for all of this (as with most news about how universities are run in the USA) is the Chronicle of Higher Education.