New visa limitations imposed by the Trump administration are putting a significant strain on 16 private U.S. colleges already teetering on the brink of financial instability. These institutions, which are heavily reliant on international students for both enrollment and revenue, face an uncertain future as F-1 and J-1 student visas become increasingly difficult to obtain.
According to a Forbes analysis, these particularly vulnerable schools share three critical characteristics: over a third of their student body is international, more than half of their operating income comes from tuition and fees, and they have received a financial health grade of C+ or lower from Forbes for 2025, indicating poor long-term sustainability. The new visa policies directly threaten their most consistent source of income: full-paying international students who aren't eligible for federal aid.
For some colleges, the reliance on international students is profound. At Harrisburg University of Science and Technology and Hult International Business School, international students make up over 75% of their total enrollment. Other institutions, like St. Francis College in New York, have aggressively pursued international recruitment to offset domestic financial shortfalls. St. Francis, for instance, saw its foreign student population increase dramatically by nearly three times between 2022 and 2023. Despite significant measures like a $160 million campus sale and deep cost-cutting, auditors in a June 2024 audit still raised concerns about the college's long-term viability.
Here is the list of colleges identified by Forbes as meeting the vulnerability criteria:
Harrisburg University of Science and Technology – Pennsylvania, Hult International Business School – Massachusetts, Maharishi International University – Iowa, New England College – New Hampshire, Manhattan School of Music – New York,1 Campbellsville University – Kentucky, Stevens Institute of Technology – New Jersey, Illinois Institute of Technology – Illinois, California College of the Arts – California, The New School – New York, University of New Haven – Connecticut, University of Bridgeport – Connecticut, Saint Peter’s University – New Jersey, Lindsey Wilson College – Kentucky, Missouri Valley College – Missouri, St. Francis College – New York.
While student visa processing resumed in June 2025 after a freeze in May, new conditions now require all applicants to submit their social media handles for expanded vetting. These developments have created significant uncertainty across U.S. higher education, particularly for institutions that heavily depend on their international student populations.
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