Financial pressure will be greatest on institutions with weaker student demand, limited financial flexibility, and a high reliance on tuition and fee revenue, Fitch analysts said. The impact: Colleges have been responding to tighter visa policies by expanding recruiting efforts beyond their traditional markets for international students, Fitch analysts said. However, declines in international enrollment can have an outsized impact on college revenue, as foreign students often pay full freight. That revenue can be difficult to make up elsewhere, especially given the “demographic pressures” at home, Fitch analysts wrote. Even before the Trump administration finalized the new rule, international enrollment showed warning signs of slowing down and creating financial risk for colleges.