A group of financially struggling private colleges in the United States are facing fresh uncertainty as the Trump administration’s new restrictions on foreign student visas threaten their primary revenue stream. According to a report by Forbes, 16 nonprofit institutions- including St. Francis College in New York and Hult International Business School in Boston-rely heavily on international student enrolment and are now at risk.
The institutions in question meet three specific criteria: at least one-third of their students are from outside the US, more than half of their annual revenue comes from tuition and fees, and each received a C+ or lower grade on Forbes’ latest financial health ranking.
St. Francis College, which had been operating in deficit since 2017, showed a temporary recovery in fiscal 2023, largely due to a $160 million sale. The college also implemented major cost cuts, including shutting down its Division I athletics program and laying off staff. Despite this, auditors have expressed concern about its financial future. With a modest endowment of $46 million, the college has looked to international students to help fill the gap. Between 2022 and 2023, St. Francis nearly tripled its foreign student count.
However, this model is now under pressure. In June 2025, the US State Department paused new appointments for F-1 and J-1 student visas. Then, earlier this month, President Trump signed an executive order halting visa issuance to applicants from 12 countries, including Iran, Somalia and Yemen. Though framed as national security measures, these steps have directly impacted colleges dependent on overseas enrolment.
At Harrisburg University and Hult International, more than 75% of students are international. Other institutions like Manhattan School of Music and California College of the Arts enroll 51% and 42% international students respectively. All 16 colleges identified by Forbes either declined or did not respond to interview requests.
As per the Forbes report, experts say international students are key to the survival of these institutions. Unlike US students, they usually pay full tuition without financial aid. At Campbellsville University in Kentucky, nearly 50% of students are foreign, and 83% of its revenue is from tuition and fees. Similarly, the University of Bridgeport in Connecticut, where 36% of the student body is international, depends on tuition for 72% of its earnings.
The broader economic impact of international students is also significant. According to the National Foundation for American Policy, one in four billion-dollar US start-ups were founded by international students. A separate federal study shows that most international graduates remain in the US, contributing to its research and science sectors.
The institutions in question meet three specific criteria: at least one-third of their students are from outside the US, more than half of their annual revenue comes from tuition and fees, and each received a C+ or lower grade on Forbes’ latest financial health ranking.
St. Francis College, which had been operating in deficit since 2017, showed a temporary recovery in fiscal 2023, largely due to a $160 million sale. The college also implemented major cost cuts, including shutting down its Division I athletics program and laying off staff. Despite this, auditors have expressed concern about its financial future. With a modest endowment of $46 million, the college has looked to international students to help fill the gap. Between 2022 and 2023, St. Francis nearly tripled its foreign student count.
However, this model is now under pressure. In June 2025, the US State Department paused new appointments for F-1 and J-1 student visas. Then, earlier this month, President Trump signed an executive order halting visa issuance to applicants from 12 countries, including Iran, Somalia and Yemen. Though framed as national security measures, these steps have directly impacted colleges dependent on overseas enrolment.
At Harrisburg University and Hult International, more than 75% of students are international. Other institutions like Manhattan School of Music and California College of the Arts enroll 51% and 42% international students respectively. All 16 colleges identified by Forbes either declined or did not respond to interview requests.
As per the Forbes report, experts say international students are key to the survival of these institutions. Unlike US students, they usually pay full tuition without financial aid. At Campbellsville University in Kentucky, nearly 50% of students are foreign, and 83% of its revenue is from tuition and fees. Similarly, the University of Bridgeport in Connecticut, where 36% of the student body is international, depends on tuition for 72% of its earnings.
The broader economic impact of international students is also significant. According to the National Foundation for American Policy, one in four billion-dollar US start-ups were founded by international students. A separate federal study shows that most international graduates remain in the US, contributing to its research and science sectors.
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