Age population due to demographic trends. You’ll see a significant drop in enrollment t over the next 20 years or more if the birthdate doesn’t pick up. A lot of schools particularly in the northeast are going to see big declines or have to recruit out of staters. Great if you need to get into college in the next 20 years. Not so great if you are the college. Also digital learning is probably going to put another hit on the traditional college model as well.