Check out the college's website (if it is still in operation). Often they will leave their website up for some period of time after they close their doors. Search the site to see if there was an official announcement about what would be done with the records.
Contact the local newspaper and ask if the college inserted an ad announcing the closure and stating what it would do with the records.
Contact the state government and ask if school records are required to be deposited with the state if the school closes. These records will often be found in the state archives or the State Department of Education.