https://nces.ed.gov/collegenavigator/?q=erskine&s=all&id=217998#netprc says that average net price in various income brackets has significantly increased in the last few years. In particular, every income bracket saw a large increase in net price from 2015-2016 to 2016-2017. It would not be surprising if that resulted in many students dropping out or transferring away for cost reasons.
Note that other parts of that page indicate that first to second year retention from fall 2017 to fall 2018 was only 54%. This is actually slightly worse than the 4, 6, and 8 year graduation rates for previous entrants reported on the same page.
https://www.forbes.com/sites/schifrin/2017/08/01/2017-forbes-college-financial-grades-e-through-m/ indicates that Forbes rated Erskine’s financial strength at C- in 2017.