Global Potential for Indian Students
In recent years, the number of Indian students embarking on international educational journeys has witnessed an extraordinary surge. Driven by the pursuit of global exposure, access to top-tier education, and enhanced career opportunities, Indian students are increasingly opting to study abroad. In this blog post, we will delve into the trends, figures, and motivations behind this remarkable rise, shedding light on its transformative impact on Indian students and the global education landscape.
The Trend of Indian Students Studying Abroad: The upward trajectory of Indian students seeking international education has gained considerable momentum. According to The Economic Times, in the academic year 2019-2020, the number of Indian students studying abroad surpassed 750,000, demonstrating a substantial increase compared to previous years.
Preferred Destinations: Indian students have shown a preference for several sought-after study destinations. The United States remains the most popular choice, attracting over 200,000 Indian students annually. The United Kingdom, Canada, Australia, Germany, and other countries with esteemed educational institutions have also emerged as prime choices for Indian students seeking global academic exposure.
STEM and Business Programs: Indian students have a strong inclination toward science, technology, engineering, mathematics (STEM), and business programs. These fields align with their career aspirations and the demand for skilled professionals in the global job market. The Times of India reports that nearly 60% of Indian students studying abroad choose STEM-related disciplines, while business and management programs are also highly sought after.
Financial Considerations and Student Loans: Given the substantial financial investment associated with studying abroad, many Indian students turn to student loans to support their educational pursuits. The Hindustan Times highlights the increasing trend of Indian students availing student loans to fund their education abroad. Here are some key financial considerations:
Tuition Fees Variation: Tuition fees vary significantly depending on the destination and the university. For instance, studying in the United States can cost between $20,000 and $60,000 per year, while Germany offers low-cost or tuition-free education for international students in some cases. According to a report by Study International, Indian students studying in Australia, on average, pay around AUD 30,000 per year in tuition fees.
Living Expenses: In addition to tuition fees, students must consider living expenses such as accommodation, transportation, meals, and healthcare. These costs can vary depending on the country and city of study. For example, The Times of India cites that living expenses for Indian students in the United States can range from $10,000 to $20,000 per year.
Currency Exchange Rates: Fluctuations in currency exchange rates play a crucial role in determining the overall affordability of studying abroad. Students need to consider the impact of exchange rate fluctuations on their expenses. The Financial Express reports that exchange rate fluctuations can significantly affect the cost of education for Indian students studying abroad, highlighting the importance of careful financial planning.
Student Loans as a Financial Solution: To bridge the financial gap, Indian students often rely on student loans. Organizations like Lorien Finance specialize in providing tailored loan deals to Indian students through their partner banks. These loans offer competitive interest rates, flexible repayment terms, and customized solutions to meet the specific financial needs of students. According to The Economic Times, Indian students availed over INR 75,000 crore (approximately $10 billion) in education loans for studying abroad in the financial year 2019-2020.
Benefits of Student Loans for Indian Students: Student loans provide several benefits for Indian students pursuing education abroad:
Financial Assistance: Student loans offer crucial financial support, covering tuition fees, living expenses, and other educational costs. This assistance enables students to concentrate on their studies and personal development without excessive financial strain.
Repayment Flexibility: Many student loan options provide flexible repayment terms, allowing students to commence repayment after completing their studies or upon securing employment. This flexibility ensures a smoother transition into the workforce.
Building Credit History: Responsible repayment of student loans helps students build a positive credit history, which can prove advantageous for future financial endeavours, such as securing housing or obtaining additional credit.
The surge in Indian students studying abroad reflects a growing aspiration for global education and enhanced career prospects. With popular destinations offering diverse academic programs and opportunities for personal growth, Indian students have a world of possibilities at their fingertips.
While the financial aspects of studying abroad require careful planning, student loans, provided by organizations like Lorien Finance and their partner banks, act as catalysts in making international education accessible. By offering competitive interest rates, flexible repayment options, and personalized solutions, student loans enable Indian students to unleash their global potential and embark on transformative educational journeys.
