This week, Hampshire College, a liberal arts school in Amherst, Massachusetts, announced that it will close at the end of 2026. Over almost six decades of operation, the college became well known for its unconventional curriculum – it gave no grades and had no majors – and for its high-profile graduates in the arts, including famed documentarian Ken Burns and Academy Award-winning actress Lupita Nyong’o. It has also stood as a cautionary tale for hundreds of small liberal arts colleges in the United States, which have struggled to stay open amid declining enrollment and financial headwinds. In 2019, Hampshire drew national attention after it announced it was seeking a merger and would curtail admission to its fall class to stave off financial collapse. The college launched a fundraising campaign , spearheaded by Mr. Burns, to raise between $90 million and $100 million over five years and boost enrollment. It planned to refinance mountains of debt and sell portions of its land.…