For generations, the American university was viewed as the ultimate ticket to the middle class and a global gold standard for education. But today, that foundation is under strain. Demographic declines, sky-high tuition fees, and the rise of artificial intelligence are disrupting entry-level jobs and higher education’s under fire. The looming permanent closure of Massachusetts’ Hampshire College underscored a sobering reality and hundreds of other regional institutions could follow. So is higher education in crisis, or is it simply being forced to adapt?