In International Students, B-School Deans See America’s Loss As Europe’s Gain

When the Trump administration stripped Harvard University of its ability to enroll international students last month, the message reverberated far beyond Cambridge. It was a warning shot that rattled business schools across the globe.

At POLIMI Graduate School of Management in Italy, one leader did not mince words:

“The targeting of international students, under the guise of national security or institutional compliance, is both ethically indefensible and strategically short-sighted,” says Professor Sergio Terzi, associate dean for international relations, accreditations, and rankings. “It sends a clear and disheartening message to the global academic community: That the United States, once a beacon of intellectual openness and opportunity, is increasingly retreating into a posture of suspicion and exclusion.

“This is not an isolated policy misstep, but it is clearly part of a sustained assault on the principles of global cooperation and social justice.”

When Trump’s Department of Homeland Security revoked Harvard’s Student and Exchange Visitor Program (SEVP) certification on May 22, it was an unprecedented escalation in a heavy handed campaign to punish America’s oldest, most prestigious university. Team Trump has opened at least eight investigations against Harvard, demanded changes to the university’s curriculum, and froze more than $3 billion in research grants and contracts. It also wants an overhaul of Harvard’s hiring and admission policies.

Even though a judge granted a temporary restraining order within hours of Harvard filing a lawsuit, damage may already be done: As Poet&Quants founder and editor-in-chief John Byrne writes: “The signal is clear: In today’s America, international students — no matter how talented, no matter how rule-abiding — are expendable.”

Across Europe and beyond, leaders of business schools say they are already seeing an uptick in interest from students who once would have headed straight for the U.S. in response to Trump’s assault on international students.

Poets&Quants recently polled six business school leaders in France, Switzerland, India, Italy, and the United Kingdom to better understand what this moment means for the future of global business education.

INTERNATIONAL STUDENTS RECONSIDER U.S. DEGREES

POLIMI has seen a noticeable rise in inquiries and applications from international students who had been admitted to top U.S. business schools, including Harvard, Terzi tells P&Q. Many are now exploring alternatives in Europe, especially in countries offering more stable and welcoming environments.

In France, emlyon business school has seen the same.

“Actions taken by the U.S. administration to restrict international student enrollment and tighten visa regulations have significantly impacted how international students perceive the U.S. as a destination for education,” says Florencio Travieso, associate dean for international relations at emlyon.

“As a result, our school has seen a noticeable increase in demand for international student enrollment, particularly for exchange students from various partners who may not be able to access the U.S. with their J-1 visas.”

While many of the B-school’s partners believe the visa situation will improve in the short-term, they are discussing options in case it doesn’t. Even after application deadlines have passed, emlyon has adopted flexible, fast-track options to accommodate those caught in the crossfire of policy limbo.

“Higher education should transcend borders,” Travieso tells P&Q. “Policies that restrict international mobility undoubtedly harm innovation, research, and economic growth.”

And, in Switzerland, EHL Hospitality Business School continues to see more international interest in its Master’s, MBA, and Executive Education courses, including from students already admitted to U.S. graduate programs.

“This interest appears to reflect a broader concern among international students about the reliability and stability of their educational pathways in certain regions,” says Juan F. Perellon, chief academic officer at EHL.

“Switzerland, with its longstanding political neutrality, stability, and global perspective, is increasingly viewed as a safe and attractive hub for academic excellence and international opportunity.”

‘IS IT WORTH IT?’

Professor Himanshu Rai, director of the Indian Institute of Management Indore, says the uncertainty has already affected behavior in India. Potential applicants to U.S. business schools are calling him not for help with applications, but for reassurance.

“They have asked me, ‘Is it worth it?’” Rai says. “As of now, I am asking them to adopt a ‘wait and watch’ stance and see how things unfold in the next few weeks.”

Trump’s most recent move against Harvard was just one battle in a broader, prolonged assault on international students. On May 27, U.S. Secretary of State Marco Rubio ordered embassies and consulates worldwide to freeze new F-1, M-1, and J-1 visa interview appointments until further notice. The administration has also pressured universities to discipline international students who took part in last year’s pro-Palestinian protests, with some students reportedly detained by ICE. Since January, nearly 2,000 student visas have been rescinded (often with little or no explanation) before a series of court reversals in April.

Though U.S. courts have blocked some of these actions, the instability is hard to ignore.

“The biggest fallout of this is the uncertainty around the educational policies in the U.S., which will be difficult to mitigate even if there is a reversal of the decision,” Rai tells P&Q.

“From a student’s perspective, this creates an immense amount of uncertainty in the minds of the people and may lead to a potential shift in the flow of global academic talent. International students contribute significantly to diverse learning environments, and disruptions to their access will impact the richness of academic discourse and research in the U.S.”

IIM Indore, like other schools, is leaning into international partnerships and online collaboration models like COIL (Collaborative Online International Learning). With 66 international partnerships across 26 countries, Rai says IIM is positioning itself as a serious contender for globally mobile talent.

WHAT U.S. SCHOOLS STAND TO LOSE

For U.S. schools, international students are an economic boon, typically paying the full tuition sticker price, helping to subsidize tuition for domestic students. They also contribute billions to the U.S. economy before and after graduation. But, the bigger threat is likely reputational.

“International students are absolutely integral to our academic and community life at Kingston Business School. They bring diversity of thought, global perspectives, and cross-cultural vibrancy to the classroom. This enriches discussions and prepares all students — domestic and international — for the realities of a globalized business environment,” says Sankar Sivarajah, head of Kingston Business School in London.

“Beyond the classroom, they bring valuable skills and talent that benefit the wider business sector. If international enrollment were to decline significantly in the U.S., it would undoubtedly result in a loss of innovation, perspective, and global connectivity.”

Kingston has already had more U.S. students enroll in its MBA program this year, and anecdotally it seems like more international students who would have otherwise targeted U.S. programs are considering programs like Kingston’s and others around Europe.

“These actions do not reflect well on the U.S. as a welcoming destination for international talent,” Sivarajah tells P&Q. “If such exclusionary policies continue, it could signal a longer-term shift away from the U.S. as one of the leading destinations for business education.”

IS U.S. ABANDONING ACADEMIC FREEDOM?

At its best, academic freedom depends on open borders, open debate, and open minds. But as Trump-era policies target international students, crack down on campus activism, and threaten funding for schools that don’t dismantle their DEI programs, many around the world are wondering if that freedom is at risk.

It’s a sobering position for a country that has long positioned itself as a global leader in higher education, in part because of its strong protections for free speech and institutional autonomy. Academic freedom in the U.S. is both a constitutional right and a competitive advantage, helping U.S. schools attract the cream of the crop in both students and faculty. Losing that will have consequences far beyond U.S. classrooms.

“Policies that limit diversity initiatives or student activism may constrain academic freedom and open debate, both essential to higher education,” says Rai of IIM Indore. “Such constraints could hinder global collaboration, as open intellectual exchange is fundamental to addressing complex international business challenges.”

Perellon, of Switzerland’s EHL Hospitality Business School, agrees.

“When international partnerships and the free exchange of ideas are disrupted, it can weaken educational outcomes and hinder the innovation and continuous improvement that come from global academic cooperation.”

And, the damage is likely cumulative. Students grow hesitant, faculty collaborations stall, and institutions lose their edge.

“Academic freedom and global collaboration rely on openness, trust, and respect across borders,” says Sivarajah. “When policies undermine DEI, they weaken the very foundation of what makes higher education impactful and globally relevant.”

FULL IMPACTS ARE NOT YET VISIBLE

Nottingham Business School in the United Kingdom has not yet seen a dramatic shift in student interest, but it’s watching closely. Alex Hiller, head of postgraduate and executive education, believes that the full impact of the U.S. policy shifts are likely not yet visible.

“We have seen a little increased interest from students in markets for whom the U.S. might have naturally been the first study choice. However, I think it is likely that many applicants will be considering their study choices carefully and may well look to the U.K., Europe or elsewhere,” he tells P&Q.

The U.S. remains attractive, but applicants are increasingly weighing stability when making their list of target programs. Hillar notes that European business schools have quietly grown more competitive over the last decade, offering more English-taught programs and building international reputations. Schools in China and India are also climbing the ranks.

“There are few businesses that do not operate across national borders. Exposure to different cultures and perspectives is therefore critical in business education,” he says.

FROM ITALY, A CALL TO LEAD

Amidst the chaos, what’s at stake isn’t just international enrollment. It’s the core idea that business education should prepare students to lead in a world facing monumental problems requiring unprecedented cooperation to solve them.

In Italy, POLIMI Graduate School of Management will continue to expand its international partnerships, bolster support for global students, and pursue cross-border research. Its leaders see education as a bridge, not a battleground for geopolitics.

“We will not stand by while the global academic community is fractured by fear and division. We stand ready to welcome students and scholars from around the world who seek a place where their aspirations are respected, and their contributions valued,” Terzi tells P&Q.

“This is a pivotal moment. The choices made today will reverberate for decades to come. We urge our colleagues across the globe to stand firm in defense of academic freedom, to support the rights and dignity of international students, and to reaffirm the essential role of higher education in shaping a better future for all, including for the United States.”

DON’T MISS: TRUMP’S ATTACK ON HARVARD’S FOREIGN STUDENTS WILL HAUNT U.S. HIGHER EDUCATION FOR YEARS and MANY EXPECT THE COURTS TO OVERTURN TRUMP’S BAN ON INTERNATIONAL STUDENTS AT HARVARD