The issuance of F-1 student visas plunged 36% during the May–August 2025 window, a Chronicle analysis of U.S. State Department data shows. That collapse meant about 97,000 fewer visas granted ahead of the 2025–26 academic year, with India consulates issuing more than 60% fewer student visas. The shortfall compounds earlier visa cancellations and a month-long scheduling freeze that disrupted summer interview capacity. Colleges report paused graduate admits, frozen graduate-research programs, and urgent budget realignments after international tuition revenue—estimated at nearly $43 billion in recent years—shrunk. Campus leaders and admissions teams are already adjusting financial plans, delaying hires, and revising international recruitment strategies. Officials cite both operational bottlenecks at consulates and policy uncertainty—proposed time limits on student visas and OPT reforms—as drivers of the retreat. F-1 status is the primary nonimmigrant classification for international degree-seeking students; the drop in issuances directly reduces tuition-dependent enrollments across undergraduate and graduate STEM programs. Institutions that rely heavily on international tuition revenue have flagged immediate budget and staffing consequences, and many are reassessing graduate admissions and research staffing for the coming fiscal year.