New fall 2025 snapshot data from Open Doors shows a sharp 17% drop in first‑time international student enrollment at U.S. institutions, signaling early disruption to a revenue stream many colleges rely on. The Institute of International Education’s survey found overall international headcount edged down only 1% this fall—buoyed by continuing post‑graduation work stays—but new arrivals, especially graduate students, fell sharply. Colleges surveyed by IIE and other industry reports said visa processing delays, intensified screening and policy uncertainty reduced new international graduate enrollments most acutely. Institutions with large graduate programs reported the steepest declines, while undergraduate international numbers rose modestly in some cases. Separately, sector reporting shows the aggregate fall in new students has not yet translated into catastrophic immediate revenue losses for all campuses, but smaller colleges that rely heavily on international tuition face acute pressure. Campus international offices reported ramped‑up recruitment and increased advising to navigate visa backlogs and retain enrolled students. For enrollment and finance leaders, the message is operational and strategic: mitigate visa friction, diversify revenue, and accelerate local pipeline and alumni‑network strategies to offset an erosion in new international graduate talent.