Rising sophomore Cyrus Nasib, 18, sits outside Dorrance Hamilton Hall at the University of the Arts, Friday, June 14, 2024, in Philadelphia. Students at the university were thrown into panic mode two weeks ago, as they got the startling news that their school would be shutting down within days. The increase in closures of more colleges around the country in recent years has left tens of thousands of students in limbo — and at increased risk of never finishing their degrees at all. (AP Photo/Joe Lamberti)

Michael Austin, a Kansas economist and a lobbyist for the free-market, small-government group Americans for Prosperity, awaits the start of a legislative hearing on a proposal that the group opposes to allow the state to issue bonds to help professional football's Kansas City Chiefs build a new stadium in Kansas, Monday, June 17, 2024, at the Statehouse in Topeka, Kan. For decades, economists who've studied professional sports have argued that government subsidies for new stadiums are not worth the cost. (AP Photo/John Hanna)

Signs and writing denouncing the closure of the University of the Arts are pictured at Dorrance Hamilton Hall on Friday, June 14, 2024, in Philadelphia. (AP Photo/Joe Lamberti)

Rising sophomore Ian Callaghan-Kenna, 19, sits on the steps of Dorrance Hamilton Hall at the University of the Arts, Friday, June 14, 2024, in Philadelphia. Students at the university were thrown into panic mode two weeks ago, as they got the startling news that their school would be shutting down within days. Callaghan-Kenna, a film major, who commuted by bus to the university, has been coping with bouts of intense anxiety — not least because the college already has thousands of dollars of his federal aid for the fall term. He has joined a potential class-action lawsuit against the school. (AP Photo/Joe Lamberti)

Rising sophomore Cyrus Nasib, 18, sits on the steps of Dorrance Hamilton Hall at the University of the Arts, Friday, June 14, 2024, in Philadelphia. Students at the university were thrown into panic mode two weeks ago, as they got the startling news that their school would be shutting down within days. The increase in closures of more colleges around the country in recent years has left tens of thousands of students in limbo — and at increased risk of never finishing their degrees at all. (AP Photo/Joe Lamberti)

Signs and writing denouncing the closure of the University of the Arts are pictured at Dorrance Hamilton Hall, Friday, June 14, 2024, in Philadelphia. (AP Photo/Joe Lamberti)

Rising sophomore Michael Pacio Ximio, 19, sits on the steps of Dorrance Hamilton Hall at the University of the Arts, Friday, June 14, 2024, in Philadelphia. Students at the university were thrown into panic mode two weeks ago, as they got the startling news that their school would be shutting down within days. (AP Photo/Joe Lamberti)

Signs and writing denouncing the closure of the University of the Arts are pictured at Dorrance Hamilton Hall on Friday, June 14, 2024, in Philadelphia. (AP Photo/Joe Lamberti)