Three major credit‑rating agencies—Fitch, S&P Global and Moody’s—issued negative sector outlooks for U.S. higher education for 2026, citing declining enrollment, reduced federal support, new student‑loan and graduate‑loan limits, and pressure on state budgets. The firms warned of limited revenue growth, tighter operating margins and potential consolidation that could include mergers, restructurings and closures. Analysts singled out risks tied to international‑student visa restrictions, falling value perceptions for four‑year degrees, and rising labor and facilities costs. Public institutions facing state funding volatility were highlighted as especially vulnerable, prompting calls among CFOs for scenario planning and strategic fiscal adjustments.