Many academics that I've talked with say that their departments are cutting back to 50% of last year's PhD enrollment due to budget cuts and uncertainty. These were in biology and chemistry.
This needs to be stressed. It's not just uncertainty of grants. That's a given, even when fed is stable.
Schools are questioning basic financial aid now. If Trump follows through on eliminating ED, no one is confident that there's a plan for any of the essential services and payments. . . Because there's never really been a plan for anything else.
In this context ED could mean the Education Department or Erectile Dysfunction. If he eliminates ED, he may be the most popular politician of all time (in a certain demographic).