Two separate developments underscore the enrollment and financial squeeze facing higher education: Hampshire College missed its freshman‑enrollment target by nearly half after a direct‑admit rollout yielded a low yield, and Oregon’s Higher Education Coordinating Commission approved a slate of policy recommendations — including regular program audits and potential mergers — to address looming university deficits. Hampshire enrolled 168 freshmen against a 300‑student goal, a shortfall tied to operational challenges in the college’s direct‑admit implementation and a volatile FAFSA environment. In Oregon, the commission warned that, absent bold action or increased state funding, institutions could exhaust reserves within three to five years and recommended stronger efficiency measures and oversight. Together the stories show how small private colleges and state systems are using different levers — direct admissions, program consolidation, audits, and potential mergers — to try to stabilise finances and preserve program quality. Clarification: "direct admissions" means proactively offering admission to qualified applicants who meet pre‑set criteria rather than requiring a traditional application process.