HIGHER EDUCATION BUBBLE UPDATE: Harvard To Borrow Another $675 Million as Applications Plunge.

Among the key disclosures:

— “First-year student applications received” by Harvard plunged more than 21 percent to 47,893 for the 2025-2026 academic year from a recent high of 61,221 in 2022-23. Peer institutions such as Yale reported 54,919 applicants this year, Brown 47,937 applicants, and Columbia 61,031 applications. Harvard isn’t releasing its application numbers for students entering in the fall of 2026 until it is required to by the federal government, the Harvard Crimson reported.

— Harvard, which has been complaining it is so financially strapped that potentially life-saving cancer research is endangered, employs 12 vice presidents. The United States of America somehow manages with just one vice president, and MIT somehow survives with a mere seven.

Well, Harvard has nobody like J.D.