President Donald Trump’s recent visa restrictions have placed 16 financially vulnerable private colleges in the United States at serious risk, according to a recent Forbes publication.
These schools rely on international students for at least a third of their total enrollment and generate more than half of their operating revenues from tuition, leaving them exposed to new limits on F-1 and J-1 student visas.
The schools were already struggling.
Each one earned a financial grade of C+ or lower on Forbes’ 2025 college financial health rankings, signaling poor long-term sustainability. Now, the crackdown on student visas threatens their most reliable revenue stream: full-paying international students.
At Harrisburg University and Hult International Business School, foreign students account for over 75% of the student body. Others, such as St. Francis College in New York, have aggressively expanded international enrollment in recent years to offset financial shortfalls. St. Francis, for example, tripled its foreign student population between 2022 and 2023. Despite a $160 million campus sale and deep cost-cutting, auditors still questioned the college’s long-term viability in a June 2024 audit.
According to Forbes, the following schools meet three criteria: over 33% international student enrollment, over 50% of revenue from tuition and fees, and a financial health grade of C+ or lower:
Combined, these institutions serve tens of thousands of students, and international enrollment often makes up the majority of graduate-level programs. Without this critical student base, the financial futures of these schools are in doubt.
The Trump administration paused new interview appointments for F1 and J1 student visas and blocked visa issuance to applicants from several countries, including Iran, Somalia, and Sudan.
These developments created widespread uncertainty across U.S. higher education, especially for institutions that rely heavily on foreign student enrollment.
In June 2025, student visa processing resumed after a freeze in May, but with new conditions requiring all applicants to submit their social media handles for expanded vetting.
Many U.S. private colleges depend on full-tuition-paying international students who are not eligible for federal aid. As domestic enrollment declines, these students have become vital to revenue.