The issuance of F‑1 student visas plunged 36% during the May–August 2025 window, a Chronicle analysis of State Department data shows, amounting to roughly 97,000 fewer student visas ahead of the current academic year. India, the top source country, saw issuances collapse by more than 60% as consular activity slowed. Colleges and universities reported steeper enrollment shortfalls than earlier estimates; masters programs and STEM doctoral pipelines that rely heavily on international tuition and research assistants face immediate budget and hiring pressures. The drop followed a nearly month‑long freeze in visa interview scheduling and a raft of policy moves by the administration, including high‑profile visa cancellations and proposed regulatory changes to time limits and post‑study work rules. Campus finance officers and graduate programs should expect sharper revenue shortfalls and potential program contractions this cycle; research-dependent departments in engineering, computer science and related fields are most exposed. University leaders and international‑student offices must accelerate contingency planning on recruiting, scholarship reallocations, and visa‑support operations while lobbying Washington for clearer processing timelines.