How Trump's visa crackdown is pushing 16 US colleges toward financial collapse
As the Trump administration intensifies restrictions on international student visas, a growing number of financially vulnerable US colleges are facing a dire threat to their survival.
The new policy measures, framed as a response to campus antisemitism and national security concerns, have halted key visa appointments and blocked access for students from more than ten countries, placing colleges heavily reliant on foreign tuition in an existential crisis.
According to Forbes, 16 private nonprofit US colleges are particularly exposed. Each of these institutions enrolls at least one-third of their students from overseas and derives over half of their operating revenue from tuition and fees.
Many already scored C+ or lower on Forbes' most recent financial health rankings, a signal that they were struggling even before the visa policy changes.
Foreign students as a financial lifeline
Colleges such as St. Francis in Brooklyn have turned to international enrollment as a revenue strategy. After years of deficits, St. Francis closed fiscal 2023 with $66 million in net income, largely from the $160 million sale of its main campus and deep budget cuts—including scrapping its Division I athletics program and laying off staff.
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Still, auditors remain skeptical about its long-term viability, with an endowment of only $46 million, or $16,409 per full-time student, Forbes reported.
In just one year, St. Francis nearly tripled its international student headcount—from 465 to 1,289—mainly through graduate programs. In a June 2024 audit, university officials stated that international enrollment had become 'a significant source of revenue growth," as quoted by Forbes.
But with student visas now under strict federal control, this key strategy is in jeopardy.
Colleges caught in a tightening policy vise
The Trump administration's new executive order bans visa issuance to individuals from 11 countries including Iran, Libya, and Yemen. This comes alongside the State Department's recent pause in F-1 and J-1 visa appointments. The consequences could be catastrophic for institutions like Harrisburg University and Hult International Business School, where more than 75% of students are international.
Both schools received a D in Forbes' 2025 Financial Grades.
Other colleges like Manhattan School of Music and California College of the Arts, where over 40% of students are foreign, also risk severe enrollment shortfalls. At Campbellsville University, 83% of operational revenue comes from tuition, and nearly half of students are international.
National impact and muted college response
Foreign students contribute billions to the US economy and often remain in the country after graduation.
Forbes cited a 2022 study by the National Foundation for American Policy showing that one-quarter of billion-dollar US startups were founded by international alumni. Despite this, all 16 colleges declined to comment, fearing retaliation. As Forbes noted, institutions that speak out risk being singled out by the Trump administration, as happened with Harvard University's Student Visitor Exchange Program, which was suspended before a court order intervened.
For many of these schools, international students are not just an asset—they are a necessity. Without them, the lights may soon go out.
1. St. Francis College (Brooklyn, NY): A small private college with financial challenges, previously noted for budget deficits and layoffs. International students likely bolster its revenue, and visa restrictions could exacerbate existing issues.
2. Harrisburg University of Science and Technology (PA): Known for attracting international students, particularly in STEM fields.
A significant portion of its revenue comes from international tuition, making it sensitive to visa crackdowns.
3. Hult International Business School (Boston, MA): A global business school with a large international student body (over 80% in some programs). Its business model heavily depends on foreign students, and visa restrictions could severely impact enrollment.
4. Manhattan School of Music (NYC, NY): A specialized institution with a notable international student population.
Arts schools often rely on international talent, and visa limitations could reduce enrollment and revenue.
5. California College of the Arts (CA): Another arts-focused institution with financial dependence on international students. Its small size and high tuition costs make it vulnerable to enrollment drops.
6. Campbellsville University (KY): A private Christian university with a significant international student population, particularly in graduate programs.
Visa restrictions could strain its budget.
7. University of Bridgeport (CT): A private university with a history of financial struggles, recently acquired by Goodwin University. International students are a key revenue source, and visa policies could threaten stability.
8. New York University (NYU): With one of the highest international student populations (over 20% of enrollment), NYU was mentioned as vulnerable to visa crackdowns due to its reliance on international tuition.
9. Columbia University (NY): Also noted for a large international student share (around 30%) and targeted visa revocations, such as the case of Mahmoud Khalil, a graduate student arrested for pro-Palestinian protests.
10. Johns Hopkins University (MD): Has a significant international student population (around 25%) and relies on their tuition and research contributions. Visa restrictions could disrupt its financial model.
11. Carnegie Mellon University (PA): Known for a high proportion of international students (over 20%), particularly in STEM fields, making it susceptible to visa policy changes.
12. Northeastern University (MA): Frequently cited for its large international student body and reliance on their tuition. Visa crackdowns could impact its financial stability.
13. Boston University (MA): Another institution with a high international student share, noted as potentially affected by tightened visa controls.
14. University of Southern California (USC): A major destination for international students, particularly from China (over 15% of enrollment). Visa revocations targeting Chinese students could hit USC hard.
15. University of Illinois, Urbana-Champaign (IL): A public university with significant international enrollment (over $500 million in tuition revenue from foreign students in 2023-2024).
16. Arizona State University (AZ): Another public institution generating substantial revenue ($545 million in 2023-2024) from international students, making it vulnerable to enrollment declines.
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