Between the 2008-09 and 2016-17 school years, over 300 degree-granting higher education institutions in the United States have closed their doors. An overwhelming majority of these recently closed institutions are for-profit colleges, which often serve a population of disproportionately low-income students receiving Pell Grants and federal loans. Over the last five years, an average of 20 campuses have closed each month, leaving around 500,000 students (mostly working adults, low-income students, and students of color) affected, according to an analysis by the "Chronicle of Higher Education." Recently, closures of for-profits have hit these communities particularly hard given disproportionate enrollment of marginalized populations in those schools, sparking national debate about increased accountability for these institutions. The data on the overall state of closures in the higher education system, however, obfuscate the different ways in which those institutions close, and why they close in those ways. Some have engaged in orderly closures, in which an institution winds down its programs over time to continue serving current students without welcoming more students. Others, have experienced precipitous closures, where institutions shut their doors virtually without warning, leaving students left wondering what to do. This report examines a dozen precipitous college closures (both private nonprofit and for-profit), assessing the warning signs that were missed and the actions that were not taken to protect students. Each closure is examine across a range of metrics, including student outcomes; enrollment trends; governance concerns; speed and severity of regulator actions; institution response; and aftermath for students. [Additional support from the Sorenson Impact Center MAPS Project.]