I spent my freshman year of college in Nebraska attending Concordia Teachers College in Seward (now Concordia University).  I played on the school's soccer team and one of the schools we played against was Dana College in Blair, Nebraska so when I read this article in the Wall Street Journal about Dana's closing it kind of hit close to home. From the article:

Nestled amid cornfields in eastern Nebraska, Dana and Blair have grown up together over more than a century. Blair, population 7,700, was established in 1869 by railroad baron John Insley Blair. Fifteen years later, Danish Lutheran pioneers opened a seminary, which later became Dana College.

"We went to everything—all the music, the theater, the basketball. I don't think we missed one home game," Mr. Christensen said.Enrollment at Dana peaked in the 1970s at about 1,000. Before closing, the college enrolled just under 600 and employed about 175 faculty and staff. A 2003 study estimated that Dana contributed $20 million annually to the local economy, largely through payroll and local expenditures….

Investors proposed to buy Dana and turn it into a profitable operation. But an accrediting agency effectively pulled the lifeline away by denying the college's application to change ownership. Such accrediting agencies were facing pressure from federal education officials, who accused some of being too lenient in certifying for-profit schools with lax standards. Officials said such schools often pushed students to take on heavy debt loads without preparing them for careers.

"I feel like Dana was kind of collateral damage," said Jeremy Bouman, former vice president for institutional advancement at Dana (which rhymes with banana). "There was never a chance to be successful because of the political scrutiny."