2021 saw an infusion of much-needed federal stimulus dollars as well as record-setting endowment growth. Unfortunately, a fall enrollment dip and other cost pressures have kept most university leaders scrambling to achieve financial sustainability. EAB’s Jeff Martin and Scott Winslow review fall 2021 enrollment figures, possible opportunities for cost-cutting, as well as potential sources of revenue growth. They also explore the gap between hype and reality in terms of the impact of endowment growth on operating budgets.