Prof. Robert Blumenthal of Georgia State College and University (a public liberal arts school with a lovely campus; I spoke there in September) writes about a matter that is becoming increasingly important to parents and students who are considering private colleges — the financial stability of the school. Unfortunately, few schools make it easy for outsiders to get a feeling for their financial conditions.

Now that we seem to be entering into some lean years for higher education (less money available, and if people start to realize that just having a degree doesn’t necessarily get you anywhere in the job market, fewer students enrolling), and that will mean an increasing number of colleges closing. Spending a year or more at a school that folds would be highly inconvenient for the student. Professor Blumenthal says caveat emptor and gives some practical advice on red flags to look for.