FAFSA completions for the high‑school class of 2026 surged, with roughly 1.6 million applications submitted as of Jan. 23—about 52 percent more than the class of 2025 at the same point—driven by an earlier launch, simplified forms, and outreach. The increase signals stronger early financial‑aid engagement and could lift enrollment yield stability for some institutions. At the same time, MBA programs report steep declines in applications—often 20–30 percent—with international candidates accounting for a large share of the drop. Admissions leaders say policy uncertainty, visa concerns, and geopolitical factors are reshaping the graduate application pipeline and forcing programs to rethink recruiting strategies and pricing.