The academic pursuits of Indian students are painting a vibrant tapestry on the global canvas, with estimated direct expenditures projected to reach a staggering US$70 billion by 2025, according to a comprehensive report by Gradding.
This financial landscape encompasses tuition fees, accommodation, and various living costs, revealing the considerable financial commitment of Indian students in pursuit of educational dreams.
The report underscores the pivotal role of scholarships in alleviating the financial burden on students, emphasizing the need for robust financial support structures. University Living’s analysis further amplifies the narrative, revealing a significant surge in outbound Indian student numbers.
“Beyond Beds and Boundaries,” a report on Indian Student Mobility, predicts that the number of Indian students studying abroad could range from 1.5 to 2 million by 2025.
The preferred destinations for Indian students include the United States, Canada, the United Kingdom, and Australia, collectively accounting for a substantial portion of the estimated spending.
While the expenditure for tuition fees claims half of the total, the other half is allocated to housing and living expenses, creating a dynamic financial ecosystem.
As the global educational landscape continues to evolve, affordability becomes a key consideration. Countries like Germany, Russia, the Philippines, Singapore, and France emerge as viable options for Indian students, offering a balance between quality education and financial feasibility.
The surge in the number of Indian students studying abroad can be attributed to various factors, including pent-up demand post-pandemic, enhanced post-study work opportunities, and the availability of educational loans and scholarships.
The Open Doors Report 2023 reflects a rebound in study abroad numbers, showcasing a 12% increase in international students in the United States.
Despite this exciting growth, challenges such as housing scarcity persist. The report highlights that students spend approximately $16,590 on housing, prompting a call for collaborative efforts to address the housing crisis.