U.S. MBA programs are confronting sharp declines in application volumes this cycle, with international demand plunging and some schools reporting 20–30% drops through Rounds 1 and 2. Admissions officers and industry analysts attribute much of the slump to visa delays, tougher immigration policy and a perception among global candidates that U.S. pathways to work and residency have narrowed. That shift has reopened opportunities for late‑stage applications: some schools say Round 3 applicants with strong or atypical profiles now stand a better chance than in prior years. The downturn is forcing programs to reassess yield projections and class composition strategies ahead of final rounds.