The University of Illinois’ Gies College of Business reported sharp declines in international, on-campus master’s enrollments this fall—some programs down 25% to 50%—and said robust domestic demand for online degrees offset a large share of lost residential tuition revenue. Gies leaders described online programs as a strategic hedge: their online portfolio—heavily domestic and professional—grew as campus-based programs reliant on international students fell. The shift has prompted program restructuring and renewed emphasis on credit for prior learning and flexible pathways. Nationally, data offer a mixed picture: early-season counts show international applications and enrollments under pressure but not uniformly collapsed, leaving selective campuses and public research universities to recalibrate recruitment, visa navigation and program delivery models.