students, some liberal arts schools are struggling to survive, and not all of them will as our scott cohn found, many colleges are making major changes, and it's this week's cover story. >> at hiram college outside cleveland, with about 1,000 students, they knew small liberal arts schools were not exactly in vogue their solution change the definition of liberal arts >> we looked at the curriculum, we looked at the graduation requirements, we looked at technology, we looked at the 21st century skillset and mindset that students need to demonstrate to employers >> reporter: gone are stodgy old majors like art history and religion in are more career-oriented majors like criminal justice and sport management >> i think they do a really good job of preparing you for your career but also in life. >> reporter: hiram's president says the changes, which have also included reducing the faculty by 20%, helped convince lenders to refinance $25 million in long-term debt and put the school on solid financial footing. but other schools are having a more difficult time. it is the other college debt crisi

. >>> when we come back, is a college closing crisis brewing scott cohn has a preview >> reporter: beckyng for years about student debt this is the other college debt crisis, the colleges themselves, particularly small liberal arts schools. we're going to have some pretty startling numbers coming up but also we'll visit this school in ohio where they think they may have found a sutn.olio that's coming up when "squawk box" for a tuesday comes back. hi. this is the man that's going to check your eyes grandma. cognizant ai solutions are helping healthcare companies advance diagnostics and prevent blindness in patients with diabetes. everything looks good. you have beautiful eyes. ♪ >>> students aren't the only ones crushed by debt some are going out of business scott coons joins us now from one school that is determined to buck the trend hey, scott. >> yeah, they're not going to go out of business here, joe. this is hiram college, small liberal arts school 40 miles outside of cleveland their answer is to change the definition of liberal arts these colleges are closing left and right accordi