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Abstract: This paper utilizes logistic models, multinomial models, and quadratic growth models, combined with data from the Integrated Postsecondary Education Data System and College Scorecard spanning 2002 to 2022, to investigate the institutional factors associated with college closures or mergers. Our analysis pays particular attention to Catholic colleges in comparison to public non-religious, private religious, and private non-religious institutions. The findings reveal that small-sized schools are more prone to closure or merger. Additionally, the growth rate in enrollment varies significantly by institution type over time. Notably, private Catholic colleges initially experienced an increase in enrollment, followed by a decline, suggesting financial challenges and unique vulnerabilities of Catholic colleges in the broader landscape of higher education institutions.