The college bubble is a well-known phenomenon. It's imminent bursting has been mentioned at many points. At some point, it will, then things will get interesting.
It's more of a slow deflating than a bursting. College enrollments have been declining since about 2016 and thousands of smaller colleges have shut down.
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In part, that was because there was no budget for "COVID forever". Some places got grants, or state money, others did not.
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The trend was already well established, but that helped accelerate it.
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