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The private, liberal arts women’s college with 760 students continued to see declining enrollment and annual operating losses. The tuition and fees alone were nearly $35,000 annually, but according to reports, that rate was being discounted nearly 60 percent on average. Even with the heavily discounted rates, Sweet Briar could not attract enough new students to fill the gap. The school was increasingly relying on an endowment where a majority of the funds were restricted to specific uses.