Hampshire College reported a dramatic miss of its fall freshman target—enrolling 168 students versus a 300‑student goal—reversing three years of recovery after near‑closure in 2019. President Jennifer Chrisler attributed the setback to operational issues with a new direct‑admissions process and overly ambitious targets tied to financial sustainability. Hampshire accepted roughly two‑thirds of applicants but saw a 9% yield, reflecting that students admitted through direct offers differed from traditional applicants familiar with the college’s self‑designed curriculum. The outcome raises immediate fiscal questions for the small liberal‑arts institution and underscores implementation risk when schools shift admissions models rapidly.