The IEE Open Doors Annual Data Release for 2024/25 is on 17 November but anyone interested in getting up to date on how Fall 2025 has gone can get plenty of insight from individual university websites. Given the recent seismic changes in Canadian government policies the broader North America enrollment situation is also worth considering.
One lens is that of the pathway operators who have found life in Canada and the US increasingly tough going over recent years. Many have shifted emphasis to provide direct recruitment as a way of mitigating risks and optimising the use of their recruitment capabilities. It’s interesting to see what happens when both strands of revenue are challenged.
Shorelight
The pathway operator with the largest exposure is Shorelight. The company shifted its business substantially to an aggregator type, direct recruitment model around 2022 and currently claims access to 98 universities offering undergraduate study and 62 offering postgraduate study. Within these groups there are 12 undergraduate and 10 postgraduate pathways offered (compared to 14 and 12, respectively, in 2022).
There isn’t a great deal of public information about the value of the company or its trading performance. However, one indicator of the scale of problems facing the business comes from Huron Consulting, which has invested $40.9m in Shorelight since 2014. Huron considered that investment to be worth, at “fair value”, $62.3m on December 31, 2024 but announced in its October 2025 filing, that it had reduced the value of the investment to $32.8m.
It noted: “The total decrease in fair value of $29.6 million in the first nine months of 2025 was driven by a decrease in the projected cash flows of Shorelight, which reflects the current federal regulatory environment in which Shorelight operates.”
Even ignoring inflation the investment is considered to be worth less than it was a decade ago. Huron continue to consider the investment “as an available-for-sale debt security.” Whether there would be any buyers is a different question.
Navitas
The latest financial statement and report of Marron Holdings, parent company of Navitas, covered the financial year ending 30 June 2025 and “..reflects the prevailing market conditions in Canada impacting future performance and cash flows..”. With operational entities in Canada (as well as Queen’s College in New York) Navitas is impacted, as the report indicates, by “..declining student numbers due to government-imposed student caps and visa restrictions across our campuses.” So, how bad is it?
One measure is that the University Partnerships North America (UPNA) “cash generating unit” of the Navitas operation saw an impairment charge of $134m on its $435m carrying valuation. This presumes a “recoverable value” of $300m, if the business was sold, which might be considered optimistic in the current circumstances.
The Marron report suggests that there is an expectation of “a meaningful recovery in new student enrollments” in 2028. The IRCC 2026-2028 Immigration Levels Plan suggest student visa targets will stabilize at around 150,000 in 2027 and 2028. With PhD and Masters students enrolling at public institutions now exempted from the federal study permit caps from 2026 it is plausible that relief may come sooner.
However, the broader picture in Canada remains challenging and reputation can be hard to recover even at public university level. Navitas partner Simon Fraser University’s reporting of Fall 2025 enrollment suggests continuing long-term decline at both undergraduate and postgraduate level. The 2025 count is shown as incomplete but there is no reason to believe that the situation will improve much this year.

A further indication of the developing issues in North America is that the Navitas owned SAE Institute, which covers creative, media and IT education and has courses in several countries including five locations in the US, has also seen its enrollments decline. An impairment charge of $52.5m to the Institute’s carrying value of $104.2m has been recognized.
INTO University Partnerships
The story of INTO’s changing fortunes in the US has been explored over a long period. After being a trail blazer for deeply embedded joint ventures it was first overtaken and then saw several partnerships fall away. One way of expressing the decline is that in 2019 the North America share of the company’s turnover was 41.6% (£37.3m) but by 2024 it was only 23.2% (£32.9m).
There now appear to be four genuine joint ventures from a stable that boasted 12 in 2018. In recent months a senior US business development figure and a US operations VP have disappeared from the company’s website. Fall 2025 may signal another step backwards in the fortunes of its remaining pathway operations.
The ten-year trend at Oregon State University (OSU) shows the long-term picture with Fall 2025 reporting indicating that the pathway venture has fallen back to COVID level enrollments.

A five-year analysis of the main countries of recruitment suggests a degree of volatility and continuing decline in several key markets.

Anybody thinking that a shift from Pathway to Direct Recruitment offers significant opportunities would be disappointed. OSU’s own graph below shows the continuing decline and that international students as a percentage of total enrollment is, at 5.6%, below 2010 levels.

The picture at INTO George Mason is similar and there have been unsubstantiated rumours that a change in the relationship is being discussed with possible announcements early in 2026. Three years of declinging enrollment at the pathway centre might suggest a new approach is needed. Time will tell.

The situation at Drew University was highlighted in a recent blog and there is no Fall 2025 update to give further illumination.
The University of Alabama at Birmingham (UAB) joint venture shows some volatility over the past three years. The University’s reporting indicates that Fall 2024 was distorted by a class of 42 in Academic English compared to six and one in the years either side. From 2023 to 2025 the INTO entity has seen enrollment decline by 58.4% (77 down to 32).

At a UAB level enrollment of international students has also shown a sharp decline of 15% in Fall 2025 with graduate enrollment particularly hard hit.

The other issue for INTO is that its dispute with the University of South Florida continues to rumble on with a non-jury hearing has been scheduled for 6-24 April 2026. A pre-trial conference is scheduled for 3 March 2026. There have been a number of blogs covering developments along the way and one update is that in March 2025 the District Court of Appeal supported the Circuit Court’s decision on several issues in favour of USF Financing Corporation.
Readers of previous blogs will have seen that some of INTO’s financial claims against USF have been underpinned by expert opinion which reflected a robust view on growth in international enrollment and revenue in the US. Given the performance of current partners reflected in the data above it will be interesting to see how that opinion is received in any hearing.
Top of the Ninth and Heading for the Eleventh?
Before the UK and Australia get too far ahead in congratulating themselves it’s worth reminding everyone that Yogi Berra famously said, “It ain’t over till it’s over.” And in international recruitment it’s never over.
The recent baseball World Series saw the Los Angeles Dodgers come back with a game tying home run in the ninth innings to tie before going on to win in the eleventh innings in the deciding game against the Toronto Blue Jays. That was after the Blue Jays had come from behind against the Seattle Mariners to win the American League Championship. Despite recent setbacks it remains entirely possible that both Canada and the US could be winning the international student world series home at some point in the next few years.
The US is, under the right circumstances, the preferred destination of the brightest, the best and probably the largest number of international students. There are continuing echoes of the H-1B visa discussion around the need for more highly skilled workers in the US and there are statements about the speeding of processes around green cards and visas. Canada has shown that it can grow international numbers rapidly and it may be recalibrating to be able to offer a sustainable and attractive offer, including routes to citizenship, to international students.
Notes
As always the blog reflects my understanding of a range of data. Any authoritative comments or views with different interpretations are welcome.
Image by Brigitte Werner from Pixabay
















