The number of students graduating high school peaked in 2025 and has now started a gradual decline. Colleges are essentially now playing a game of "musical chairs" competing for students and there aren't enough to go around. The elite institutions and cost-effective state schools will probably be fine but less exclusive private colleges without a solid value proposition have no clear path to survival.

https://www.wiche.edu/resources/report-u-s-high-school-gradu...