The F-1 student visa program brings more educated migrants to the US than any other immigration program, yet student visa applicants face an approximately 27 percent visa refusal rate that varies by time and region. Using data on the universe of SAT takers between 2004 and 2015 matched with college enrollment records, we examine how the anticipated F-1 visa restrictiveness inﬂuences US undergraduate enrollment outcomes of international students. Using an instrumental variables approach, we ﬁnd that a higher anticipated F-1 student visa refusal rate decreases the number of international SAT takers, decreases the probability of sending SAT scores to US colleges, and decreases international student enrollment in the US. The decreases are larger among international students with higher measured academic achievement. We also document the academic achievement of international students and show that over 40 percent of high-scoring international SAT takers do not pursue a US college education.