Higher education is entering a new phase of budget stress, with administrators preparing for cuts, closures, and restructuring as revenue volatility collides with declining enrollments and funding uncertainty. A sector update highlights institutional distress and board-level turnaround plans, including Saint Augustine’s bankruptcy filing, Southern Oregon University facing a Deloitte proposal for deep cuts and a possible controlled wind-down, and Anna Maria College planning closure after continued financial pressure. Separately, an exclusive survey of 275 budget administrators reports that more than three-quarters expect budget changes to fulfill institutional missions, with many anticipating significant cuts or new revenue just to remain operational. The reporting emphasizes that even public institutions once buffered by state support and research dollars now face contingencies across multiple revenue streams, intensifying governance and planning burdens ahead of budget season.