Over the last couple of years, higher education has taken its fair share of Ls. From the COVID-19 pandemic, to criticism from politicians on both sides of the aisle, college has never been valued less in the modern era. This is supported by the data—U.S. undergraduate enrollment is down about 8.5% since 2010.

Everyone seems to have a theory about why that is. Progressive politics is a popular explanation among conservatives. Economists have discussed the lasting impact of COVID-19 shutdowns. Some have even suggested that college degrees simply aren’t worth as much as they used to be.

It’s impossible to pinpoint one reason for everyone, but in Indiana, the latest research provides a clear answer: drumroll… Money. The same as it ever was. A new report from the Indiana Commission for Higher Education reveals that high school students in the state are increasingly skipping college due to concerns about costs and uncertainty over career paths. The survey was based on responses from about 2,700 students, parents, and adult learners.

Some may be quick to point out that college has always been expensive, and this alone doesn’t explain the sharp decline in enrollment. The first part of that statement is true: college has always been expensive, but it hasn’t always been this expensive. Even in a high-inflation environment, the cost of college has risen much faster than inflation. The first thing people have to figure out when they go to college is always the money—and that’s getting harder and harder to do. Even when college was somewhat affordable, some people took other avenues due to the high cost. College, like anything else, operates on supply and demand, and as the cost rises, more people will look elsewhere.

If we make college more affordable… as in geneuinely affordable, not more expensive with easier access to high interest loans… if we make college more affordable, more people will go. But you knew that already.