A new State Higher Education Executive Officers Association (SHEEO) finance analysis shows that per-student funding for public colleges dipped for the first time in more than a decade, even as overall appropriations remained higher in fiscal 2025. State and local support for public higher education totaled $130.7 billion (in inflation-adjusted terms), but enrollment grew faster than appropriations on a per-student basis. SHEEO reported that full-time equivalent enrollment rose 3.6% to about 10.8 million students, while per-student state and local funding declined by 1% to $12,082 after adjusting for inflation—down from $12,205 the prior year. The data also showed net tuition and fee revenue per FTE fell 3.5% to $7,459, reflecting expanded state financial aid and tuition increases that lagged inflation. The report flags growing volatility risks for institutional planning. It also notes wide variation across states in net tuition revenue per FTE and identifies persistent disparities: 24 states still provide less support than they did before the Great Recession. SHEEO President Rob Anderson said the first per-student reduction in more than a decade suggests increased turbulence ahead for public institutions and their budgets.