When Concordia closed, one of the coverage angles taken by local media was that the nationwide school age population, measured by the number of people preparing to graduate from high school, is forecast to shrink for the foreseeable future (12-13 years out). So this doesn’t just apply to small schools... though the big one obviously have a handful of advantages.
When you consider that the baby boom of post WWII and the resulting boomlet are now aging and dying off without a third wave, though, just consider what that means for the overall economy, and, er, everything else.