Where does that leave us? Large areas of American higher education are suffering. Their business model might not work any longer. Student debt is unprecedented, dangerous, and continuing to grow. Partly in response, enrollment has dropped, which is placing even more pressure on campuses and their flailing business models. These and other trends are weakening parts of this sector’s ability to thrive or even survive. We may have passed peak higher ed. American academia is sick, if not ruined, and the course of the disease, as well as its possible treatment, are uncertain.