“Among Catholic schools, I think there’s a big opportunity for an institution to go big in online and make their mark there,” Horn said. “They have a chance.”

But, he wondered, is being Catholic enough differentiation in an increasingly crowded market?

“As everyone is going online, it favors those who have scale and do it well, and that implies a lot of investment,” Horn said. “This is a school that obviously has limited resources right now to make that sort of investment, so how are they going to win in, yes, a growing marketplace, but one that’s increasingly crowded?”