Fitch, Moody’s and S&P Global released dour assessments for U.S. higher education finances heading into 2026, warning of mounting operating pressures and deterioration across nonprofit colleges and universities. Each agency cited demographic declines, international-enrollment headwinds and policy uncertainty since President Trump returned to office as drivers of near-term stress. Fitch labeled the outlook “deteriorating,” Moody’s pointed to an “increasingly difficult and shifting operating environment,” and S&P warned of “mounting operating pressures and uncertainty.” Analysts expect continued belt‑tightening, workforce reductions and heightened scrutiny from bond markets and trustees as institutions rebalance budgets. Higher-education CFOs and boards should prepare for elevated borrowing costs, constrained capital spending and intensified demands from rating agencies for liquidity and enrollment plans. Credit-watch activity could accelerate mergers, consolidations, or program cuts among smaller and mid‑sized institutions.