The issuance of F-1 student visas collapsed over the critical May–August 2025 window, falling about 36% and leaving roughly 97,000 fewer visas issued, a Chronicle analysis of State Department data found. India—a top sender—saw consulates issue about 22,000 student visas over the summer, a drop exceeding 60%. Universities report enrollment shortfalls across master’s and doctoral programs tied to the decline. Colleges and graduate programs that depend on international tuition are already adjusting budgets and admissions plans; some institutions have trimmed graduate offers or paused recruiting. The visa freeze and high‑profile policy moves by the federal government—plus speculation about time limits on student visas and changes to post‑graduation work programs—are cited by admissions officers and analysts as key deterrents to applicants. The decline threatens revenue streams that supported many master’s programs and STEM doctoral enrollments, and will likely compound staffing and program‑planning challenges for institutions that counted on international cohorts to stabilize budgets after the pandemic rebound. NAFSA estimates international students contributed nearly $43 billion to the U.S. economy last year, underscoring the broader fiscal stakes for campuses and local communities.