This article reports that the nation's economic crisis is bringing colleges higher borrowing costs, smaller endowments, tighter budgets, and fears over the availability of loans for their students. Yet one of the most critical factors in colleges' health--student enrollment--appears to be largely holding strong, at least for now. Tuition and fees are the top source of revenue at private four-year colleges, with smaller institutions relying on those funds especially heavily. The loss of even a handful of students can bring some institutions to the brink of collapse. In recent weeks, four Christian colleges--in Indiana, Iowa, Minnesota, and Oregon--have announced their closures because of dwindling enrollments amid tough economic conditions. The bottom lines of wealthier private institutions have also been hurt by the tumbling values of their endowments, on which they often rely heavily to pay for operations. But most institutions, private and public, seem to be faring relatively well, even as they, and the students they serve, tighten their belts. [For companion record, see EJ822627. These articles appear under the banner "Rising Enrollments Buoy Some Colleges, Burden Others" in this volume/issue.]