Keystone Education Group’s 2025 data reveals a dynamic year for international student mobility, with some sharp declines across traditional powerhouses alongside rapid growth in emerging destinations.
Keystone’s data, drawn from millions of annual student search indicators and enrolment data, shows how international student mobility is increasingly being shaped by a combination of supply-side policies and demand-side preferences among students.
Fredrik Högemark, CEO of Keystone Education Group, said: “This year has been one of the most volatile we’ve tracked in our data. Students are weighing affordability and safety more than ever, and as return on investment becomes a necessity, this is leveling the playing field beyond the ‘Big Four’.
"Policy changes announced mid-cycle in 2025 forced students to rapidly adjust their plans, while we have also observed numerous anti-globalization measures that have inadvertently affected international education."
Since Fall 2023, international interest in the U.S. across Keystone's platforms dropped by 47%.
However, the growth of post-study work opportunities and OPT continues to influence enrollments in the U.S., particularly with the two largest source markets – India and China.
And, when we look at the second half of 2025 in isolation, interest in the U.S. is showing signs of stability again and it remains the most searched destination across Keystone sites.
The decline in U.S. interest, while extreme, is not the steepest globally. Canada and Australia also experienced similar drops in interest over the same period.
For Australia, this trend also might be starting to turn for 2026, with early indications in Keystone’s Q3 2025 data showing a more positive outlook – with search interest up +8% compared to Q2 in 2025.
New Zealand emerged as a quiet beneficiary of shifting global student flows.
Keystone data shows that New Zealand saw a 22% rise in search interest between Q2 and Q3 2025 - greater growth in relative search interest than the other major Anglophonic study destinations combined - as pro-international policies and expanded work rights signal a clear intent to attract more international students heading into 2026.
The UK was Keystone’s second leading study destination in 2025, recognized globally for its academic reputation. Beyond its reputation, Keystone’s 2025 State of Student Recruitment report found the UK also ranks highest for reputation and safety out of the ‘Big Four’.
Fredrik added: “We have seen very strong trends for UK study across Keystone's platforms this year and data from September 2025 also showed study visa applications are up 7% over 2024, so the environment had been looking stable for 2026.
“However, the news in October of a shorter post-study-work entitlement in the UK will likely have an impact on interest there. The question is how much impact?”
Europe as a collective also continued to drive student interest, particularly at the end of 2025, with five of the top 10 searched destinations in November in Europe.
Spain, Italy, Germany and France all recorded more student search interest than Canada and Australia, with Spain’s search volume rivalling the UK’s popularity.
Nordic destinations have also experienced an upward trend, with a 33% rise in interest as of April 2025. Meanwhile, the UAE continues to build its profile as a global education hub, with Keystone data showing a near 90% increase in search interest for UAE study opportunities in June 2025.
It has also been a breakthrough year for the Asian Tigers - Malaysia, Singapore, Thailand, and South Korea.
Malaysia led the surge with a 64% increase in student searches from March to May on Keystone sites, followed by Singapore with 51%. Japan’s popularity also grew in this period, while South Korea entered the top 10 study destinations for the first time in Keystone’s 2025 State of Student Recruitment report.
Fredrik added: “It is no surprise South Korea and Japan are growing in popularity. Japan has a very pro-international policy – it is launching more and more English-taught programs and the good collaboration between higher education and the government is evident.
“South Korea is in a similar situation. Both have been fully embracing and supporting international education.”
West Africa was an unlikely player in 2025 but saw a surge in interest from international students, with a 25% increase in interest in the region on Keystone’s sites between May and July this year.