NACUBO’s early estimates show historically deep tuition discounting continuing to widen for private nonprofit colleges. The tuition discount rate for first-time undergraduates is projected to reach 57.1% in 2025-26, up from 54.5% the year before; the study also projects the all-undergraduate discount rate will climb to 51.3%. NACUBO reported that 90% of first-time undergraduates received some institutional aid, and 84% of all undergraduates received institutional aid. Even with expanded aid, average net tuition revenue from undergraduates fell by 1.9% after inflation in 2024-25—reflecting ongoing financial pressure at tuition-dependent institutions. The data, based on a survey of 258 private nonprofit institutions, suggests retention alone is not eliminating financial strain, raising the stakes for enrollment management, pricing strategy, and student persistence initiatives.