The apparent discrepancy: Tuition and fees increased, but money collected from these sources held constant and then decreased.

Your job is to explain how both of these things can be true. Or, since it's an EXCEPT question, find four choices that explain away the discrepancy and one that doesn't.

Choice A states that the records are incorrect, which could explain why the increase in tuition/fees didn't show up as an increase in money collected. NOTE: This is a poorly worded choice, as it refers to a study not mentioned in the argument. Actual test questions are more carefully worded.
Choice B explains that the increase caused a drop in enrollment that could have more than offset the increase. In other words, If they raised the tuition/fees by 5% but only enrolled half the number of students, that would lead to a decrease in money collected. Discrepancy resolved.
Choice C explains that, though tuition was theoretically increased, some students didn't have to pay this increase. It then makes sense that the college might not have collected as much money.
Choice D is correct. If enrollment increased AND tuition/fees increased, then you would expect money collected to increase. This just adds to the discrepancy.
Choice E implies that enrollment decreased, which would, like Choice B, explain why money collected didn't increase.

I'm available if you'd like any follow up.