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The University of Portland received deposits from almost 1,100 new students, indicating their intent to enroll in the fall. But as The Oregonian reported, it’s now expecting only 860 to show up. The lost students will cost the university $8.9 million.

Most of the students who withdrew cited financial reasons.

“We optimistically were looking at the trends and the indicators and it all pointed upward,” said Michael Lewellen, vice president of marketing and communications. “We planned accordingly and things changed.”