New early estimates from NACUBO show private nonprofit colleges are deepening tuition discounting, with the tuition discount rate for first-time undergraduates projected to reach 57.1% in 2025-26. That marks an increase from 54.5% the year before and represents the highest level in the past decade. NACUBO also reported that 90% of first-time undergraduates received institutional aid and that 84% of all undergraduates did as well. Despite broader discounting, average net tuition revenue fell after inflation in 2024-25, underscoring continued financial pressure for tuition-dependent institutions. The data suggests retention strategies alone may not stabilize net tuition revenue for many private nonprofits, raising questions about sustainability as high-aid enrollment patterns persist.