(Photo courtesy of @Thunderbird)

The first day of classes in January 2013.

The Thunderbird School of Global Management in the West Valley used to be considered a unique place where students from all over the world came to learn the intricacies of international business. Then the world of graduate education and a place of foreign students in it changed. The school ended the 2013 fiscal year with a nearly $9 million loss.

EDITOR's NOTE:  A previous version of this story incorrectly stated the fiscal year loss as nearly $9 billion.  It is a loss of nearly $9 million.