A Chronicle of Higher Education analysis of U.S. State Department data found F-1 student-visa issuances fell 36% during May–August 2025, amounting to roughly 97,000 fewer visas ahead of the current academic year. India — the largest sender of students to the U.S. — saw summer issuances drop by more than 60 percent. The data point is far steeper than colleges’ earlier enrollment snapshots and came after a near-month-long freeze in visa interviews the State Department imposed in late May. Colleges and graduate programs reliant on international tuition are already reporting budget and staffing cuts tied to the decline. Administrators told Chronicle reporters they also saw enrollments chilled by policy actions last year — including mass visa-status revocations and proposed rule changes on visa duration and post-graduate work authorization. NAFSA estimates international students contributed nearly $43 billion to the U.S. economy last year, underscoring the immediate revenue risk for many institutions.