New Common App data show rising applications from underrepresented U.S. groups—Black, first-generation, low-income and rural students—but a 9% overall drop in international applicants, driven by a 14% fall from India and steep declines from parts of Asia and Africa. The report found highly selective institutions saw the smallest application growth, and more applicants are submitting standardized-test scores as some colleges return to testing policies. The University of Illinois’ Gies College of Business reported large falls in international enrollment in on-campus master’s programs—25% to 50% declines for programs heavily reliant on students from India—while its online programs grew and offset some revenue loss. Gies said online enrollments, dominated by domestic professionals, narrowed an overall revenue shortfall. These developments matter for budget officers: institutions that depended on international tuition face near-term revenue gaps and must accelerate digital delivery or domestic recruitment to stabilize finances. Clarification: “International enrollment” refers to degree-seeking students requiring visas; declines can hit programs that priced on premium residential tuition.