New research and reporting show graduate enrollment is increasingly constrained by cost and federal policy. A large EAB survey found cost of attendance is now the primary filter for prospective graduate students, with many dropping programs perceived as too expensive. Institutions report prospective applicants eliminating options above $10,000–$20,000 annually. At the same time, analysts and higher-education reporters warn the sector faces a larger collapse risk as funding cuts, visa restrictions and new loan caps combine. Graduate programs reliant on federal aid, international students and research funding are signaling enrollment declines and programmatic strain. Key actors: EAB, graduate programs, federal policymakers and university finance offices.