Population trends are a pretty big factor in enrollment. Most enrollment is by fresh high school grads. And there are significantly fewer of those then there we

Population trends are a pretty big factor in enrollment. Most enrollment is by fresh high school grads. And there are significantly fewer of those then there were 10 years ago; you can make up some of that by expanding eligibility and encouraging more young people to go to college (even those that would be better served doing something else), or expanding international admissions (but maybe not in this administration). Cost is certainly also a factor, but I suspect population is a bigger factor.