Because total college enrollment in the US has stalled and is expected to decline. In addition, the discount rate is at an all time high. These two factors have

Because total college enrollment in the US has stalled and is expected to decline. In addition, the discount rate is at an all time high. These two factors have led to the market being squeezed. There are less students to go around and colleges have a lot of facilities and staff to maintain. And by now, do you mean over the last 25 years? Colleges have been going test optional for decades.