A new EAB report finds that 67% of high school graduates who chose not to enroll in college cited cost-of-living concerns as a primary reason, up from 51% in the prior year. The data also points to a rise in immediate workforce entry after high school, alongside a decline in gap-year intentions. Among newly enrolled students, respondents emphasized career outcomes and internships, while also expressing uncertainty about how AI will affect their chosen paths. Students cited financial aid availability and affordability—along with career preparation—as key determinants of perceived value. The findings suggest recruitment and retention strategies are increasingly tied to broader household financial pressures rather than tuition alone. Institutions may need to strengthen affordability messaging, expand targeted aid, and align program pathways with internship and job outcomes. Counselors and admissions teams are likely to face more complex decisions for students balancing enrollment against urgent cost pressures, potentially affecting application yield and early persistence.