The U.S. Department of Education's three-month delay in launching the new Free Application for Federal Student Aid (FAFSA) form and the subsequent lack of continuous access, ambiguities in the form, and data reporting errors have resulted in a significant decline in form completions for 2024. The analysis in this report--a first-of-its kind study merging granular demographic data on American communities with FAFSA completion data for the class of 2024--indicates that the dropoff in FAFSA completions has been significantly worse among historically marginalized communities. As a result, colleges are likely to see enrollment declines that are linked to race, educational attainment, and income. A significant dropoff in FAFSA completions will translate to a decline in college enrollment in the fall, and reduced enrollment in years ahead as this smaller class of students progresses through their programs. Furthermore, because much of the late progress on FAFSA completion occurred in mandatory FAFSA states, the analysis in this report may understate the size of the coming enrollment shortfall. The data suggest that the enrollment dropoff will be steepest in communities that are most in need: communities with a high share of residents living in poverty, non-college adults, and Black or Latino residents. Colleges and universities, state university systems, and Congress should make preparations now to measure and address the impact of declines in enrollment.