New analyses show the payoff to college is shifting. Recent data indicate unemployment for Gen Z men ages 22–27 is now roughly equal whether they hold degrees or not, signaling a dissolving entry‑level advantage for male graduates. At the same time, a Federal Reserve Bank of New York snapshot shows early‑career pay for several traditionally stable or “AI‑proof” majors—pharmacy, biology, elementary education—lands below $50,000. For colleges, the twin trends pressure enrollment decisions, academic advising, and program pricing. Institutions that historically relied on particular majors or international STEM enrollments to support budgets may need to retool career services, strengthen employer partnerships, and emphasize credentials or micro‑credentials aligned with labor demand. Financial‑aid offices and trustees will face more intense calls to demonstrate ROI for degree programs as students weigh cost against uncertain early earnings.