Science magazine’s analysis found NSF and NIH total grant outlays roughly steady in FY2025, though both agencies awarded fewer new grants—a shift some staff attribute to forward‑funding and load‑management in the face of proposed budget cuts. Institutions report fewer new awards even where overall expenditure levels remain similar. Moody’s released a negative outlook for the higher‑education sector for fiscal 2026, citing enrollment pressures, rising costs, federal policy uncertainty and demographic declines that will compress margins. Moody’s singled out changes to graduate borrowing and potential programmatic impacts tied to administration policy moves as material credit risks. Together, the two signals—stable aggregate funding but fewer new awards and a negative issuer outlook—pose strategic challenges for research universities, MSIs and teaching institutions planning hiring, capital investments and student recruitment.