BY DEAN HUBBARD and JOHN MINTER The demographics of college students are rapidly changing. By 2025, the applicant pool of new first-year students will shrink by 20 percent-and the shrunken applicant pool will persist for five years, which could result in as much as a 50 percent decline in enrollment for many institutions. Midwest colleges are particularly at risk of enrollment declines. To try to better assess an institution's financial situation, balance sheet financial ratios can provide a high-level, easily understood tool for understanding an institution's relative health. This article shows how seven ratios across six Midwest institutions highlight how financial ratios can assess institutional financial health. SHUTTERSTOCK/ DS DESIGN AGB.ORG NOV.DEC.2021 TRUSTEESHIP 21http://www.AGB.ORG