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Colleges across the board will see lower enrollments this fall due to the COVID-19 pandemic, a new report from S&P Global Ratings shows. As a result, net tuition and auxiliary revenue will likely decline.

S&P Global’s outlook for the higher education sector remains negative.

“The recession will likely contribute additional budgetary stress, including reduced state funding for public institutions and lower fundraising for most colleges and universities,” Jessica Wood, a credit analyst at S&P Global, said in a press release. “Although federal -- and in some cases, limited state -- COVID-19 and disaster aid provides some measure of stability, the potential amount of these funds relative to total pandemic costs, and associated receipt timing, are unknown.”

The ratings agency is keeping an eye on revenue shortfalls, state appropriations, modes of instruction and the continuing public health crisis.