Analysts and campus leaders are raising alarms about graduate education as loan caps, funding cuts and visa restrictions converge. A Chronicle analysis and related reporting describe programs facing enrollment drops, budget reductions and operational strain; EAB’s survey finds cost of attendance is now the primary gatekeeper for prospective graduate students, with 60% saying they’d drop programs deemed “too expensive.” Institutions reliant on graduate tuition and research funding could see deeper erosion in degree pipelines and research capacity if federal policy and aid shrink further.