U.S. colleges continued to feel shock from a steep drop in international applicants and new enrollments; recent data showed a 17% decline in overseas students that many institutions cite as an existential revenue shock. The decline follows visa delays, policy uncertainty and shifting global demand for U.S. degrees. Graduate business programs reported shifting applicant preferences: candidates increasingly apply to programs nearer home or to hybrid offerings. Schools that historically relied on international tuition are accelerating recruitment diversification, tuition pricing reviews, and program pivots to stabilize budgets and sustain global pipelines.