UK universities face EU student exodus due to Brexit

Britain's vote to leave the European Union risks causing a steep drop in the number of EU students attending the country's universities.

That could deprive the universities of 400 million pounds ($518 million) a year in tuition money from the EU students, who currently number over 60,000. On top of that, the universities will be losing 500 million pounds in EU funding annually when Britain leaves the EU.

This year, EU applications to U.K. schools dropped for the first time in at least five years, by 5 percent. The trend is also a concern for British companies, who heavily recruit EU students from British universities and would face a smaller pool of talent.