New data from the National Student Clearinghouse shows undergraduate enrollment growth is concentrated in community colleges and certificate programs, not traditional four‑year bachelor’s programs. Over 16 million undergraduates enrolled last fall—the highest in a decade—but growth came largely from two‑year institutions and short‑term credentials while public four‑year and private nonprofit schools saw slower gains or declines. Researchers and admissions leaders attribute the shift to affordability concerns, rising student debt, and labor‑market demand for quicker credentialing. Average in‑district tuition at two‑year colleges remains substantially lower than four‑year costs, making certificates and associate degrees more attractive for career entry. The trend forces four‑year institutions to reexamine pricing, program relevance, and pathways into high‑demand fields; it also elevates the role of community colleges in workforce development and transfer partnerships.