Business‑school and campus housing leaders report sharp declines in international demand after visa frictions, policy uncertainty and geopolitical signals. GMAC research finds 40% of non‑U.S. MBA candidates are less likely to study in the U.S. under the current administration, with Indian admits plunging most sharply; universities recorded a near‑20% drop in new international enrollments last fall. The Unite student‑housing group cited falling international arrivals, cut rents in some cities and lowered profit guidance, prompting a pause on new construction. The shift raises immediate revenue pressure for tuition‑dependent programs and pressures providers that had banked on steady overseas pipelines.