Ricardo Azziz has held numerous executive positions in higher education and led the merger that resulted in Georgia Regents University, now Augusta University. He is principal at Strategic Partnerships in Higher Education, or SPH, Consulting Group.

He writes the regular Merger Watch opinion series on corporate restructuring in higher education.

The challenges small colleges are facing are sizable.

U.S. college enrollment is down from its peak around 2011. And while enrollment has declined across nearly all categories of colleges based on size, the loss has been especially dramatic for the very small institutions, meaning those with fewer than 1,000 students.

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