Since 2012 there have been more college closures in the United States than in the previous 40 years combined. Almost 600 schools have disappeared, the vast majority of them private institutions.

Improving the student accounts process sounds about as sexy as a root canal, which is part of why so many institutions have avoided upgrading processes that could earn thousands or even millions in lost revenue.

One litigation specialist says institutions should ensure procedures and strategies are updated before the fall.

New President Mike Magee shares its story, secrets to success and what makes the institution so unique.