New National Student Clearinghouse data show overall undergraduate enrollments rose to their highest level in a decade last fall, driven largely by gains at community colleges and in certificate programs. Community colleges added about 173,000 undergraduate students, nearly double the gains at public four‑year institutions; bachelor’s‑seeking new enrollments grew less than 1%. Reporting and analysis attribute the shift to cost sensitivity, labor‑market concerns, and students seeking shorter, career‑focused credentials amid worries about debt and AI‑driven changes to entry‑level roles. Why it matters: the enrollment pivot has implications for institutional revenue models, transfer pathways, and workforce partnerships. Four‑year colleges may need to rethink recruitment, pricing, and program alignments as two‑year and credential offerings gain market share.