U.S. full-time MBA programs are reporting steep application declines this cycle—many programs show 20%–30% drops, concentrated among international applicants—admissions officers point to visa barriers, hostile immigration rhetoric, and work‑authorization uncertainty as primary drivers. Business-school leaders say visa delays and denials, rising immigration restrictions, and doubts about post-graduation employment are altering the ROI calculus for global applicants. Competing destinations offering clearer residency or work pathways are siphoning interest from the U.S. Admissions teams are adjusting recruitment, offering targeted financial aid, and emphasizing alternative pathways to employment; career services and alumni networks are under pressure to demonstrate post-MBA outcomes to stabilize international demand. Separately, students and programs continue practical conversations about funding: personal financing strategies, loans, scholarships and work options remain central to application decisions for prospective MBAs.