SYDNEY/MUMBAI -- Raga, a graduate student from India in the University of Queensland's management program, admits she was cagey with the consulate interviewer who reviewed her visa application last year.

Graduation day at Monash University in Melbourne on Dec. 13: Policy tumult regarding student visas has disrupted preparations for the next school year. (Photo by Asanka Brendon Ratnayake)
Financially overstretched, schools struggle to adjust to reduced Asian inflows