U.S. business schools are reporting sharp declines in MBA applications this admissions cycle, with international applicant pools contracting 20%–30% at some programs. Admissions officers and industry analysts link much of the drop to visa delays, denials and a harsher immigration environment that reduce the perceived ROI of U.S. graduate study for overseas candidates. Program directors at business schools say the shift is driving urgent strategic work: retooling international recruitment, expanding scholarship pools, and crafting clearer post-graduation work-pathway messaging. The trend will also affect class composition, tuition revenue forecasts and employer recruiting on campuses that rely heavily on international enrolments.