MBA applications to U.S. business schools have dropped sharply this admissions cycle, with admissions officials reporting 20%–30% declines in rounds 1 and 2. Enrollment officers and industry insiders point to visa delays, denials, and an increasingly hostile immigration climate under the Trump administration as the primary drivers of the falloff, particularly among international applicants. Admissions leaders said the decline is occurring across full‑time programs and is concentrated among global candidates who historically fueled elite cohorts. Schools and recruiters report that rival destinations in Canada and Europe—offering clearer work and residency pathways—are reaping competitive gains. Admissions offices are already recalibrating recruitment strategies, fellowship allocations and employer engagement to blunt the revenue and pipeline impact.