Human capital, institutional revenue, and university prestige

This study examines the economic and institutional contributions of international students to U.S. higher education amid recent federal immigration policy changes. Using ordinary least squares regression and 2023–2024 data from major educational and economic sources, the study investigates (1) international students' per capita contributions to state GDP and institutional revenues, (2) their influence on university national rankings, and (3) the determinants of international student enrollment, including institutional rank, employment opportunities, acceptance rates, graduation rates, geographic accessibility, and state immigration flows. The results indicate that international students significantly increase state GDP and university revenues, contributing an average of $39,181 per student, after controlling for acceptance and graduation rates. National university rankings, employment opportunities, and acceptance rates emerge as significant drivers of enrollment. However, restrictive immigration policies, including higher visa fees and sanctions, may reduce these benefits, thus threatening institutional diversity, financial sustainability, and U.S. competitiveness in global higher education.