- U.S. colleges are hitting a "demographic cliff" as a long-term drop in birth rates means far fewer college-aged students, driving broad enrollment declines.
- Small, tuition-dependent liberal‑arts colleges are most at risk—dozens have closed or merged recently and more could follow.
- Bigger schools are trimming budgets and changing tactics (scholarships, smaller classes, recruiting adult learners or international students) to stay afloat, while elite institutions are largely insulated.
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