When Covid-19 first tore through the nation, hundreds of college presidents sent students home, looked across their empty campuses and wondered how they were going to pay their bills.

Northeastern University President Joseph Aoun saw an opportunity. On May 15, 2020, he called six senior managers to his office. “Colleges and universities will be challenged,” he told his cabinet, he recalls. “This may be the time to start looking at mergers and partnerships.”