A lot to respond to here. I am a parent of a current students, and an alum. In terms of bond ratings: The school is doing a lot of investment in both facilities and curriculum. They are investing their way out of a difficult environment. You could say this is the perfect time (low borrowing costs, low building costs), or you could say why invest in a school that provides excellent education when the world wants job training. I believe they have other bond rating agencies which have given them an improved rating but I don’t see that in the news, so perhaps I was mistaken. As for internships and undergraduate research, the school is doing quite a bit to promote that. They have a lot of paid internships and funds set aside to provide grants, and are working on providing quite a bit of funding to support unpaid internships as well. Here are some of my daughters’ opportunities: Funded summer science research in Japan, Funded summer science research in Indiana, and Tanzania and a paid summer museum internship. One daughter withdrew her application for a funded summer internship in China because she thought it would be too much with her foreign study being the next semester. It is a school that is investing in quality education. 10 years from now they will have added some here, and cut some there, but will still be around providing a quality education. As for Indiana, well - the state government isn’t helping them attract students are they? Sigh. But Earlham is clearly an open and accepting environment, and actually has excellent relations with the town. This has changed over the past 20 years, but my children have something to learn from living in Indiana, and Indiana has something to learn by having my children (and Earlham) being there. I would never have expected Richmond to embrace the school the way that it has, but the school has reached out and the town has responded quite positively. It is sad to see students not consider a school that makes such a difference in their community, but I understand where it comes from.