Private nonprofit colleges are leaning harder into tuition discounting, deepening affordability pressure as the National Association of College and University Business Officers reports historically high institutional aid levels. NACUBO’s early 2025–26 estimates project the tuition discount rate for first-time undergraduates at 57.1%, up from 54.5% the prior year, with the highest point in the past decade. Net tuition revenue is also under pressure: NACUBO projects average net tuition revenue from all undergraduates declined 1.9% after inflation in 2024–25. The report suggests retention efforts alone may not eliminate financial strain for tuition-dependent institutions, even as colleges attempt to stabilize enrollment by improving graduation outcomes. NACUBO reports that 90% of first-time undergraduates received some institutional aid, and 84% of all undergraduates received aid—figures that underline how pricing strategies are increasingly driven by demand management rather than nominal sticker-tuition changes.