Historically Black Colleges and Universities (HBCUs) have a unique history, mission, and role in educating underrepresented and underserved students in the United States. In light of the recent uptick in institutional closures across sectors, understanding the factors associated with college survival for HBCUs is critical. Using linear probability models and data from the Integrated Postsecondary Data System from 1988-2017, we measure which institutional factors are associated with a greater likelihood that HBCUs will remain open when compared to institutions that closed. Findings indicate that institutions located in urban locales are more likely to continue operation when compared to rural institutions. Also, having remedial academic programs and greater spending on student services are associated with an increased likelihood of remaining open. Importantly, these are not the same factors associated with a higher rate of survival for Predominantly White Institutions (PWIs). We conclude by sharing the implications of this research for institutional policies in higher education.