www.nytimes.com/2025/11/10/o...
www.nytimes.com/2025/11/10/o...
1. Federal grants
2. Private gifts/endowments
3. Tuition (esp. from foreign students)
4. State $
For decades, 📈 in 1-3 offset a secular 📉 in 4. Now, 1 & 3 are being decimated & 4 ain't coming back. The math is clear.