The credit rating agency said the policy changes could trigger sustained fluctuations in international enrollment, threatening tuition revenue for universities that depend heavily on foreign students. International students accounted for 6.1% of total enrollment during the 2024–2025 academic year, representing a 4.5% increase from the previous year, according to Open Doors data. However, enrollment trends reversed in Fall 2025, with the total number of international students declining by 1%, while new international student enrollment dropped by 17%. Bottom LineThe Bottom Line: The proposed visa reforms highlight how dependent many U.S. universities have become on international tuition revenue. While elite institutions are likely to withstand the disruption, colleges with narrower revenue bases and significant international enrollment could face growing financial and operational pressures if student inflows continue to weaken.