This is quickly spreading into the corporate sector. I recruit occasionally and even at top tier schools, 90%+ of our applicants and career fair participants are foreigners. I've counted the resumes.
I don't have anything against immigration per se, and I don't want to be accused of xenophobia or any such nonsense, but this is not ok. We are catering to international populations while essentially leaving our countrymen behind.
It isn't just some blind nationalism that fuels my concern; if you don't fix your domestic problems, soon foreigners won't have any more incentive to immigrate...plus, in addition to the pitiful devaluation of the degree, there's already a glut of grads in almost every sector, including STEM. Something has to change. We will also see wages rise as the employee pool shrinks and locals are less likely to work for lower wages because they're not escaping third world poverty.
It's high time to limit foreign students attendance. And maybe after that we can raise standards to recover what little prestige our schools had because between this international cash cow and diversity initiatives I can easily explain why so many people are graduating college today with minimal competence. Lowering standards makes us all worse off in the long run, even if your metric of "national college graduation rate" improves.