These days, only about 62% of high school seniors in the U.S. immediately go on to college, down from 68% in 2010, government data shows. Ballooning costs have played a large role in a changing mindset, according to Candi Clouse, a vice president at Implan. That has left some colleges and universities in a severe financial distress, according Implan's Clouse. On average, each college or university that shuts down affects 265 jobs and $14 million in labor income, according to Implan's calculations. In the years since, there has been a wave of schools declaring "financial exigency," according to the Fed.

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Persons: Andersen Ross, Candi Clouse, Implan's Clouse, Clouse Organizations: Andersen Ross Photography Inc, Getty, Federal Locations: U.S, Implan