More than 440 private, non-profit, four-year colleges at risk of closing or merging within the next decade

(CBS, KYMA) - College enrollment has been declining over the past decade and many institutions are struggling financially.

More than 440 of the nation's 1,700 private, non-profit, four-year colleges are at risk of closing or merging within the next decade, according to a projection by the Huron Consulting Group.

CBS News contributor and Harvard Economics Professor Roland Fryer says families are realizing some colleges just aren't worth the money.

"If you're paying 40 or $50,000 a year into something. You come out of college with $200,000 dollars in debt. And your income doesn't go up anymore than if you had not gone to those schools, that's not a good investment. So the fact that the market is finally starting to work, and students and families are voting with their feet, that is good news," Fryer explained.

There are other ways to measure the worth of higher education, but Fryer says some of these schools do not offer the academic and social value to entice enough prospective students.

Huron Consulting Group estimates 1.5 million students could be affected by the closings and mergers.