A new survey of nearly four hundred private colleges and universities showed that more than two thirds were “greatly concerned” about enrollment figures for next fall, the New York Times reports.

Across the country, most private institutions are seeing declines in applications relative to last year, though final figures are not yet available. Experts attribute the drop-off to the current financial crisis, among other factors.

Elite privates seem to be immune to the application decline, though they are seeing more requests for financial aid. Administrators at large, mid-ranked schools say they can weather a dip by admitting a slightly higher percentage of applicants. 

Even a small decline in enrollment can have a major effect on a college dependent on tuition for its funding, however. At Beloit College in Wisconsin, which has a student body of 1,300 and brings in three-quarters of its revenue from tuition, a decline in the entering class of just 36 students led administrators to announce that they would be reducing about forty staff positions.