Do colleges ever go broke?

I remember reading once that you can prepay a slot for your kid in college by paying early and the benefit is that you pay the lower current price than the amount that it will cost in the future.
I always thought that was dumb because the school could go bankrupt and what if your kid is as dumb as a bag of rocks?
I mean its not a bad idea because you can pay a few hundred a month and not worry about paying interest by taking out loans later.

But I started thinking today that I don’t ever recall seeing a college close down. Are they a solid business, more than most? There are colleges that have survived the depression.