And thats only the student population. The staff would be gone as well, along with the money they spend. That’s probably another 6k+ people suddenly out of work. That’s 6k people *in one town* who will be looking for work in a town that is seeing a massive economic crash.
Local businesses will be seeing a massive loss of income due to the loss of 15k customers. They will be looking at redundancies themselves. They won’t be hiring. Towns with universities are built around them. If you allow the university to fail, the future of that town is grim.