I agree with @circuitrider in that any decline will not be evident next year or even the year after…it will take many so it is silly to talk about transferring for that reason. All the LACs need to watch their endowments and although needs blind is an excellent thing- it also may turn out to be a risky thing. However, Amherst and other schools in consortiums or partnering with universities early are in a good position and better poised for the future. The single sex and rural school without partnerships will be the first ones in serious trouble. My hope is that there are enough smart alum (and I believe there are) that Amherst will ride this wave.