Research and policy discussions often focus on the negative effects of college closures on students, but that’s only part of the story. Colleges also serve as anchor institutions—local economic and cultural engines whose sudden disappearance can leave regions flat-footed. Communities with colleges have higher levels of educational attainment, employment in human capital-intensive industries, economic mobility, and local economic output. Colleges also function as cultural hubs, by supporting civic engagement and the arts, and by providing entertainment and a range of educational and enrichment opportunities for their neighbors. Closures affect entire communities, far beyond campus borders.