Student mobility in the Nordic countries has traditionally been characterized by cultural cooperation and egalitarian values. Yet, the region has not been isolated from international trends towards emphasizing excellence and competition in the global knowledge economy. Policy framing is here used as an analytical lens for analysing national policy documents on international student mobility over a 20-year period. The analysis finds that the Nordic countries have become increasingly different in how international student mobility is framed. In both Denmark and Finland, the economic frame has become prominent, yet containing somewhat different kinds of ambitions and concerns. In Sweden and Norway, the framing is still predominantly educational. The article challenges the assumptions of the Nordic countries as a cohesive region, and provides a critical exploration into how justifications for international student mobility include important national translations.