The 11th edition of "Knocking at the College Door" comes at a critical time for the country. Many sectors of the economy face workforce shortages, while higher education faces increasing skepticism about its value. The data and analyses within these pages will likely fuel further concerns for those across higher education as the nation witnesses the arrival of a moment that has long been predicted: the peak and subsequent decline in the number of high school graduates. Adding to the uncertainty are the long-term effects of the COVID-19 pandemic, which contributed to fluctuations in K-12 enrollments and to the phenomenon of learning loss across all levels of education. This edition of "Knocking" also focuses on COVID-19's impact on the nation's education pipeline. The data suggest that a sizable number of K-12 students may have left education altogether, while the students who remain in the educational systems face learning deficits. Six key findings emerged from this edition: (1) the total number of high school graduates is expected to peak in 2025 and then decline steadily through 2041; (2) the proportion of future graduating classes that come from underrepresented racial and ethnic backgrounds -- particularly Hispanic and Multiracial graduates -- will continue to increase; (3) compared to 2023, 38 states are projected to see a decline in the number of graduates by 2041, as most regions in the U.S. continue to shrink; and (4) COVID-19's impact on the education pipeline will be felt for years to come. The information in this report can be used by policymakers, education decisionmakers, researchers, and others for a range of important uses. Released every four years, "Knocking at the College Door" has provided trusted and reliable data at the state, regional, and national levels for more than four decades.