Trustees and sector leaders are confronting the long-forecast enrollment cliff as demographic declines and shifting student preferences force rapid institutional recalibration. Boards and AGB contributors warned that shrinking cohorts of traditional‑age students will “gradually, then suddenly” strain operating budgets and require strategic pivots in recruitment, program mix and financial planning. At the University of Illinois’ Gies College of Business, administrators reported steep international declines—25–50% in some on‑campus master’s programs—and said online degree and certificate enrollment rises cushioned overall revenue losses. The contrast underscores how online and professional offerings are becoming strategic hedges against residential enrollment volatility and international‑student shocks.