Howard University’s Sharp Growth Reverses in 5% Enrollment Drop

After years of setting records with soaring applicants and class sizes, Howard University is under financial pressure, according to Fitch Ratings analysts who lowered the school’s credit outlook to negative this week.

The explosive growth has added expenses — more professors, more housing and more classroom space, said Emily Wadhwani, Fitch’s higher education lead. And now that trend has stalled: enrollment dipped in fall 2025, shrinking 5% from a year earlier. The smaller incoming class lowered revenue from tuition and fees, hitting the school’s income by $1 million. Howard is the richest historically Black college.