Fewer foreign students, fewer dollars: U.S. colleges feel the pinch

We are all worried about the safety of our community members, the safeguarding of academic freedom, and the new financial challenges driven by changes in federal funding and visa processing,” Manuel wrote to DePaul’s faculty. “These concerns are so severe and debilitating that it’s getting hard to recognize higher education anymore.”

At least 35 other schools, in addition to DePaul, have announced budget cuts in response to Trump administration policies. Johns Hopkins University slashed more than 2,000 jobs in March after the administration cut $800 million in grants to its research programs. Northwestern University cut 425 positions, and the University of Southern California laid off more than 630; each cited reduced federal funding, an expected drop in international student enrollment and other financial pressures.

Some 1.2 million international students studied in the U.S. during the 2024-2025 academic year, according to estimates from NAFSA: Association of International Educators, a non-profit organization. In July, NAFSA projected that number would drop by up to 15% this year, costing the U.S. economy nearly $7 billion.

https://www.reuters.com/world/us/fewer-foreign-students-fewer-dollars-us-colleges-feel-pinch-2025-10-02/

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I’m guessing it’s why Emory is going to need aware - the budget cuts you mention.

Yet they are putting a squeeze on themselves now by giving free tuition to families earning under $200k, so likely not just the general issues.

It is a sort of truism that in competitive markets, marketwide distress doesn’t stop price competition. So competitors more exposed to the stress factors and/or in a weaker financial position to start may be forced to cut operating expenses, and hope they can remain competitive for customers anyway.

Which doesn’t always work out well, but they may have no better option.