U.S. student‑visa issuances plunged 36% during May–August 2025, a Chronicle analysis of State Department data shows, leaving roughly 97,000 fewer incoming students for colleges this fall. The drop was concentrated in key sending markets, with India’s consulates issuing more than 60% fewer student visas over the summer. The analysis attributes the decline to a near‑monthlong freeze on interview scheduling, policy changes under the Trump administration and headlines about mass cancellations of foreigners’ statuses. Colleges reporting flat or falling enrollment last year now face sharper revenue shortfalls as international tuition had buoyed master’s programs and STEM doctoral cohorts. Institutions with heavy reliance on international graduate students are already reviewing budgets and staffing plans, and some have frozen or reduced graduate admissions. Higher‑ed leaders and state policymakers will now confront renewed pressure to revise enrollment forecasts and contingency budgets.