Ten years ago, Antioch College was circling the drain.

They're circling the drain again.  "Another round of cost cutting is under way at Antioch College, with faculty and staff members who earn more than $40,000 per year being required to take mandatory furloughs and a de facto hiring freeze being put in place."

Apparently, giving away what Oberlin charges a price for doesn't work.
Antioch enrolls just 133 students after struggling with admissions in the fall. The college, which is attempting to transition from a free model to one where students pay, netted $1.7 million in tuition and fee revenue last year. It relies on gifts for much of its revenue.

Antioch College was closed by Antioch University in 2008, but a group led by alumni purchased the rights to the liberal arts campus and its endowment, reopening the institution in 2011. The college offered full-tuition scholarships for several years after reopening.
There's something unsustainable about the staffing. "Antioch has 118 staff members and 31 faculty members, not including adjuncts."

Market tests, dear reader, have steeper grading curves than area studies classes.

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