College going bankrupt, what happens to buy and hold?

[Tom Wilson]

I'm relatively new to investing and want to get involved in buy and hold.  I live in a small town in Colorado.  There have been rumors that the state college in town (around 3000 students) is in trouble and could go bankrupt.  Does anyone know what would happen if this were to happen?  The rental market is propped up by the fact that the college is in town.  Would the college shut down, thus forcing the rental market to decline?

Thanks for your advice!

Tom