Even as undergraduate enrollments have rebounded in raw numbers since the pandemic, the percentage of high school graduates choosing to enroll in college has slipped precipitously—by nearly 10 percentage points (from 70.1 to 60.4 percent) between 2009 and 2023. Broad skepticism exists that the degrees those tuition-paying young people seek are worth the time, cost, and effort. More states are also walking away from the “College for All” goal and putting career and technical education on par with college. If these trends continue, the open question is what comes next for higher education?