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In terms of their source of funding, the source of funding is mostly students who are self-funded. However, at the graduate level, given the importance of research and given the importance of assistantship and so forth, there are graduate students who come with funding provided to them in return for research and assistantship at the graduate level.

In terms of their source of funding, the source of funding is mostly students who are self-funded. However, at the graduate level, given the importance of research and given the importance of assistantship and so forth, there are graduate students who come with funding provided to them in return for research and assistantship at the graduate level.

What we keep hearing from students and from stakeholders is a lot of anxiety, tremendous confusion around the processes and so forth, and the need for greater answers and transparency around these processes. We're constantly hearing that. For students who make the decision to come and study in the United States, that's not a small decision to make.

What we keep hearing from students and from stakeholders is a lot of anxiety, tremendous confusion around the processes and so forth, and the need for greater answers and transparency around these processes. We're constantly hearing that. For students who make the decision to come and study in the United States, that's not a small decision to make.

Preliminary data has indicated that in several parts of the world where there had been previously a high level of interest in wanting to come and study in the US, that we're seeing about a 40% decline in the number of those students who are looking to the US as a destination. So if universities...

Preliminary data has indicated that in several parts of the world where there had been previously a high level of interest in wanting to come and study in the US, that we're seeing about a 40% decline in the number of those students who are looking to the US as a destination. So if universities...

Well, it depends, right? Because a good number of them are graduate students. Whether you're talking about business programs and other fields of study, graduate students are bringing in funding to the university. They're bringing tuition dollars to the university. But also, for those universities that are receiving research funding,

Well, it depends, right? Because a good number of them are graduate students. Whether you're talking about business programs and other fields of study, graduate students are bringing in funding to the university. They're bringing tuition dollars to the university. But also, for those universities that are receiving research funding,

Often at the graduate level, particularly in fields like the STEM field and others, a lot of times it is graduate students who are working in partnerships with faculty to in many ways be able to fuel the research engine of universities as well.

Often at the graduate level, particularly in fields like the STEM field and others, a lot of times it is graduate students who are working in partnerships with faculty to in many ways be able to fuel the research engine of universities as well.

And that's another component that could be potentially at risk is the research infrastructure and the ability to be able to conduct the level of research that is often needed with both domestic and international students as we speak.

And that's another component that could be potentially at risk is the research infrastructure and the ability to be able to conduct the level of research that is often needed with both domestic and international students as we speak.

I think it can be a hit to the reputation of universities, not in the immediate, because these are universities that have had a long-standing and solid reputation for decades internationally, but I do think over a period of time it could be.

I think it can be a hit to the reputation of universities, not in the immediate, because these are universities that have had a long-standing and solid reputation for decades internationally, but I do think over a period of time it could be.

The other piece about this also is that international students, in many ways, when they come and they study and they've learned more about the United States and they go back home, they become a very important bridge to trade and other relations for the United States. So the loss of that can have other consequences in the long run.

The other piece about this also is that international students, in many ways, when they come and they study and they've learned more about the United States and they go back home, they become a very important bridge to trade and other relations for the United States. So the loss of that can have other consequences in the long run.

Thank you, Alex. Thank you for the opportunity.

Thank you, Alex. Thank you for the opportunity.