Carnegie Mellon’s Tepper School of Business reported a sharp decline in international students, with the share of overseas enrollees plunging from 53% to 37% in two years as its full‑time MBA cohort shrank. The school enrolled its smallest class in years and now draws students from fewer countries, officials said, a trend linked to global applicant shifts and U.S. immigration policy changes. Admission officers and analysts cite the Trump administration’s new $100,000 H‑1B fee and broader visa uncertainty as deterrents for international candidates and sponsoring employers. Tepper’s rapid slide exemplifies mounting enrollment pressures across U.S. business schools that have relied on foreign talent to sustain class diversity and program finances. Schools are recalibrating recruitment and employer‑engagement strategies as visa costs and political headwinds reshape where and how top MBA candidates plan to study and work after graduation.