Policy Shifts Put Graduate School Enrollments at Risk

Washington, D.C., December 4, 2025 — A new survey of more than 8,000 graduate and adult learners by education company EAB shows that nearly half (45 percent) of those planning to go back to school expect to rely on financial aid, loans, and grants to help pay for their education. The findings point to significant challenges ahead for graduate programs as new restrictions on federal student financial aid take effect next summer.

EAB’s survey indicates prospective graduate students are also becoming increasingly price-sensitive. Sixty percent of respondents ranked cost as the most important factor in their enrollment decision, surpassing last year’s top factor, program accreditation. 

Nearly 40 percent of survey respondents said graduate schools with annual costs above $10,000 are “too expensive.” Almost two-thirds are unwilling to spend more than $20,000 per year on their graduate education. According to data from the National Center for Education Statistics, the average annual cost of graduate school now exceeds $20,000.

“The hopes and expectations of today’s adult learners are colliding with a financial aid system in a period of significant transition,” said Val Fox, a senior director and principal in EAB’s Adult Learner Recruitment division. “Federal aid sources are shrinking, and students with low credit scores may not qualify for private loans. This mismatch will make it even harder to sustain enrollment at a time when institutions need domestic adult learners more than ever.”

The One Big Beautiful Bill Act, signed into law in July 2025, contained significant changes for new borrowers, including the elimination of the Grad PLUS loan program in July 2026 and stricter borrowing limits on Federal Direct loans. 

Other recent policy changes have created new barriers for international students who want to study in the US, further straining the finances of graduate programs. A recent report from the Institute of International Education showed that new international enrollments in US graduate schools have dropped by 15 percent this academic year. 

“Success for US graduate schools in 2026 will depend heavily on their ability to adapt recruiting strategies to accommodate policy shifts and evolving student priorities,” Fox continued. “Schools need to communicate costs clearly, especially on digital channels, and align their value propositions to individual student interests through hyper-personalized marketing.”

About the Survey

The 2025 EAB Adult Learner Survey was conducted from August 20 to September 8, 2025, with responses from 8,106 current and prospective graduate and adult learners. Participants were asked about their motivations, financial concerns, search behaviors, and program preferences. The survey report (“The New Rules of Engagement for Enrolling Today’s Adult Learners”) includes advice for higher ed leaders on ways to adapt enrollment strategies to meet shifting market realities.

About EAB

At EAB, our mission is to make education smarter and our communities stronger. We work with more than 2,800 institutions to drive transformative change through data-driven insights and best-in-class capabilities. From kindergarten to college to career, EAB partners with leaders and practitioners to accelerate progress and drive results across enrollment, student success, institutional strategy, data analytics, and advancement. We work with each partner differently, tailoring our portfolio of research, technology, and marketing and enrollment solutions to meet the unique needs of every leadership team, as well as the students and employees they serve. Learn more at eab.com.