Carnegie Mellon’s Tepper School of Business has seen its international MBA population fall sharply — from 53% of the full-time class two years ago to 37% for the Class of 2027 — while overall cohort size contracted to 144 students. School data show the incoming class represents 21 countries, down from 27 the prior year, and the program has enrolled its smallest MBA class in years. Analysts and school leaders cited a mix of applicant hesitancy, global competition and U.S. immigration policy changes—most notably the Trump administration’s $100,000 H‑1B fee—as drivers. The policy increases employer costs to sponsor foreign hires and adds uncertainty to international candidates weighing U.S. MBAs. Why it matters: the slide at Tepper is an acute example of how visa policy and geopolitical risk can reshape recruitment, labor-market outcomes and revenue for professional graduate programs that historically relied on international talent pipelines.