There isn’t one answer to this question. It depends heavily on the department. For example, biomedical graduate students are often covered by external (federal)

There isn’t one answer to this question. It depends heavily on the department. For example, biomedical graduate students are often covered by external (federal) grant funding. This increase can be factored into the budgets for those, but only in the future. AFAICT, it is still up in the air how it will be funded in the shorter term. Humanities students are another story though. External grants for those are more rare, IIRC. I’m not sure if the universities can survive in its current model with fewer graduate students. They are very integral to the teaching/grading/etc for undergraduate classes. So, it will be tough to make the system work with fewer of them. At least, that’s what the striking students are counting on.