Undergraduate enrollment rose for the first time since 2020, stoking hopes for a long-awaited recovery. But surprising areas of decline may dampen that optimism. Despite overall undergraduate growth, freshman enrollments are down 3.6 percent, fostering concern that more declines are on the way. There is good news and bad news in the National Student Clearinghouse Research Center’s latest enrollment report. First, the good news: undergraduate enrollment climbed by 2.1 percent this fall, its first total increase since 2020. Enrollment increases for Black, Latino and Asian students—by 2.2 percent, 4.4 percent and 4 percent, respectively—were especially notable after last year’s declines. The bad news is that freshman enrollment declined by 3.6 percent, nearly undoing last year’s gain of 4.6 percent and leaving first-year enrollment less than a percentage point higher than it was in fall 2021, during the thick of the pandemic.