ABSTRACT
The comparative longevity of colleges and universities is one of higher education’s most distinctive features. A Carnegie Foundation study once found that of sixty-six institutions around the world that have been in continuous operation since the 1500s, sixty-two of them were universities. Federally backed student loans were first authorized in the Higher Education Act of 1965. The goal was to assure students access to low-cost loans to enable them to study at accredited institutions of higher education. The resilience of institutions of higher education seems to defy expectations about organizational change as it applies to most corporate entities. The longevity of colleges and universities is a puzzle to be solved. Furthermore, across the spectrum of American colleges and universities, one striking observation is how divergent they are with respect to size, mission, financial structure, and other variables. Higher education in the United States has evolved into a loosely organized system that accommodates a broad range of institutional types.
