When asked about how retailers are preparing for the possibility of fewer students, Denise Jillson, executive director of the association, said that shop owners may resort to adopting measures used during the COVID-19 pandemic, when there was less footfall.
“Reduction of staff, reduction of hours, less choices on the menu,” she said.
Jillson noted, however, that there were government subsidies available during the pandemic to offset a loss of business, unlike the current situation where there is no support.
“We don’t have that safeguard now,” she added.
LONG-TERM, NATIONWIDE IMPACT
Beyond Harvard, experts said contributions by foreign students can be felt far and wide across the nation, and often last much longer than their college years.
Data from the Association of International Educators (NAFSA) revealed that more than 1.1 million international students in the US contributed nearly US$44 billion to its economy last year, including spending on tuition, housing, food and entertainment.
Foreign students typically pay full tuition fees, making them a vital revenue stream for schools faced with declining domestic enrolment – which, according to the National Center for Education Statistics, fell 15 per cent between 2010 and 2021.
