The Wall Street Journal reports that “the demand for four-year college degrees is softening, the result of a perfect storm of economic and demographic forces.” Colleges are being forced to temper tuition increases and give more scholarships to get students. The Journal described the findings of a Moody’s Investors Service report.

Nearly half of the schools surveyed by Moody’s reported enrollment declines this fall, though overall median enrollment remained relatively flat from the previous year.

The bubble is still there, but the boom times are over.