A year into the current administration, universities report mounting fiscal strain as high-profile federal policy shifts, funding uncertainty and enrollment fluctuations reshape their budgets. The Times Higher Education examination found that while some proposed cuts were scaled back or paused, institutions are seeing cumulative effects on operating margins and strategic priorities. Campuses have adjusted hiring, capital plans and program offerings in response to volatile federal policy on issues ranging from research funding to student aid. Some institutions are tapping reserves or accelerating fund-raising campaigns; others are freezing new hires and reassessing program portfolios. Provosts and CFOs say the lingering impact is less a single-policy shock than a broader climate of unpredictability that complicates long‑range planning and increases pressure on tuition and auxiliary revenue models.