This paper estimates the extent and magnitude of US college and university enrollment responses to unanticipated changes in macroeconomic activity. In particular, we consider the relationship between enrollment, economic growth, and inflation. A time series analysis known as a vector autoregression is estimated and impulse response functions are calculated to measure the enrollment response to these economic shocks. The results suggest that enrollment patterns differ by gender and are consistent with economic theory. (Contains 4 figures, 4 tables and 5 notes.)