The birth rate is part of it, I think the biggest part is kids now just don't see college as how it was seen before, where a degree means stable career and life. You have OF or TikTok making in a month what they will make in a lifetime, then you have the job market, then you have the expensive tuition, and the KO was AI rendering any cert acquired in 2023 and after far less valuable than before. I personally know plenty of kids and none of them is dreaming about becoming an astronaut or an engineer or a doctor like how it was before. One wants to be a tattoo artist, another a streamer, a third in some sports, and they are around 17 years old, not children.