Washington College Faces Financial and Leadership Challenges Amid Enrollment Decline

Washington College, a historic liberal-arts institution in Maryland, is navigating through significant financial and leadership challenges amidst a declining enrollment trend. The college has seen its student numbers drop from 1,515 in 2011 to just 923 last year, leading to drastic measures such as staff cuts, salary reductions, and an unsustainable withdrawal rate from its $300 million endowment. The institution has also experienced frequent changes in leadership, with five presidents or interim presidents in the last decade. Efforts to revitalize the college include the establishment of a new business school, supported by a $15 million alumni donation, and a slight increase in freshman enrollment. However, the future of Washington College hinges on the appointment of a new president and the ability to demonstrate the value of a liberal-arts education in today's economy.

The situation at Washington College reflects broader challenges faced by small liberal-arts colleges across the country, struggling with the aftermath of the pandemic and shifting student preferences towards business and technology degrees. The college's difficulties have raised concerns among alumni and local residents about its impact on the community, given its role as a major employer and cultural center in Chestertown. With the board aiming to hire a new president within two years, the coming months will be critical for Washington College as it seeks to stabilize its finances and leadership while reaffirming its commitment to providing a strong liberal-arts education.