A new FY 2025 analysis from the State Higher Education Executive Officers Association (SHEEO) highlights emerging budget volatility for public colleges and universities, as inflation-adjusted per-student appropriations decline while net tuition revenue falls. State and local appropriations rose in aggregate, but per full-time equivalent student support dropped by 1% to $12,082 after inflation adjustment. The report also shows net tuition and fee revenue per FTE declined by 3.5% in 2025 to $7,459, attributed largely to expanded state financial aid and tuition increases that lagged inflation. At the same time, net FTE enrollment rose by 3.6%, reaching about 10.8 million students. SHEEO notes that aid growth varies widely across states, with public financial aid per FTE reaching an all-time high of $1,271. Institution leaders are expected to use the findings to build more adaptive budgeting strategies for short-term funding swings.