Will my college close? Some will. Many won't. It is relatively easy to compare the financial health of private colleges. Those with strong investements and cash are more likely to survive that those without. Private colleges with net losses on their income statement are also at higher risk.
Aren't these financial statements old? Yes, compared to public companies. But comparisons of one college to another are still valid.
Why don't you discuss public colleges? All public colleges are subsidized by taxpayers. They all generate operating losses. So, the differentiator is the tax revenue they receive from individual states.