Let’s get into a report about the estimated direct expenditure for 2022, projected at around US$47 billion, including tuition fees, accommodation, and other living costs. After research and analysis during the report based on the current growth rate, this amount is expected to rise further and reach US$70 billion by 2025. This report by Gradding majorly highlights the considerable expenses that Indian students spend on pursuing their academic dreams. Also, it focuses on the importance of financial support through scholarships.
University Living, considered one of the top universities, has performed an analysis that says there is a significant increase in outbound Indian student numbers. One of the reports, titled “Beyond Beds and Boundaries,” was an Indian Student Mobility Report, 2023, that estimates that the number of Indian students studying abroad was shockingly over 1 million in 2019. It will likely reach between 1.5 and 2 million by 2025.
As per the statistics, The United States, Canada, the United Kingdom, and Australia are the most chosen destinations for Indian students lately. As of 2023, there were approximately 850,000 Indian students enroled across these four countries. Thus, combined student spending is projected to be under US$34 billion this year. The spent money is half of the total goes towards tuition fees and the other half towards housing and living expenses.
Indian students spent an estimated $5.9 billion in the UK, with approximately 1.32 lakh students studying there. The expenditure can be categorised into three main areas: $3.4 billion for tuition and fees, $1.3 billion for housing expenses, and $1.2 billion for other living expenditures.
The table below shows the kind of tuition fees you can expect to pay for the world’s most popular study-abroad destinations:
|
Country |
Bachelor’s Degree(per year) |
Master’s Degree Per Year |
|
Australia |
$14,393 – 32,384 |
$15,832 – 35,982 |
|
UK |
$26,000 – 50,000 |
$20,000 – 35,000 |
|
US |
$13,150 – 34,190 |
$15,030 – 25,050 |
|
Germany |
$0 (public universities) or up to $26,300 (private universities) |
$0 (public universities) or $24,000 – 36,000 (private universities) |
|
France |
$200 – 3,272 |
$287 – 4,453 |
|
China |
$1,665 – 3,030 |
$4,200 – 13,760 |
|
Spain |
$802 – 2,947 (public universities) or $5,894 – 23,577 (private universities) |
$1,179 – 4,126 (public universities) or $5,894 – 23,577 (private universities) |
|
Russia |
$1,750 – 12,570 |
$1,133 – 5,900 |
(Source: Times Higher Education, 2020; Go Overseas, 2020; Motivist Japan, 2020; Study Portals, 2020; Education.com, 2020)
The mentioned destinations are top-rated among students, but when it comes to affordability, Indian students opt for countries like Germany, Russia, the Philippines, Singapore, France and many more.
The pie chart illustrates a recent increase in the student population in specific countries. Mrs Mamta Shekhawat, the founder of Gradding, recently talked about the reason behind the rapid increase of Indian students who are seeking education abroad.
She says, “Students can take advantage of the latest technology, research opportunities, and top-notch faculty. This opens up a broader range of subjects, courses, and fields to choose from.” she further added that “when it comes to higher education quality, a quantity mismatch is the biggest challenge students face since the need for top-ranked institutions has increased, but the growing number of students graduating from secondary schools has also strained existing institutions’ capacity“.
Many Indian students prefer studying in English-speaking countries, specifically the US, UK, Australia, New Zealand, Canada and Ireland. In 2022, the US and UK reported an all-time high number of visas issued to Indian students. These countries are preferred due to the presence of top-tier universities, specialised courses, and better post-study work opportunities.
The exponential surge in the number of Indian students going abroad to study can be dependent on several factors. One of the primary reasons is the pent-up demand created during the pandemic. According to Mamta Shekhawat, the founder of Gradding – a popular study-abroad platform, “The number of Indian students going abroad to study drastically decreased during the pandemic. However, with the reopening of international borders, many students who had postponed their plans are now going abroad to study in various destinations”.
The Open Doors Report 2023 displays that during the 2021/2022 academic year, study abroad rebounded to more than half of pre-pandemic levels. With 188,753 students pursuing academic records. The US study abroad total reflects 2021/22 when travel and study abroad programming was still affected by the COVID-19 pandemic.
Statistically, the number of Indian students graduating from school increases yearly, and the existing colleges and universities are insufficient to accommodate them. The recent open doors report reveals that the United States hosted 1 million (1,057,188) international students during the 2022/2023 academic year, a 12% increase from the previous academic year.
India reached an all-time high in enrolment. It is the second-largest sending country after China, reaching an all-time high of 2,68,923 international students in 2022/2023. It is calculated that there is a 35% increase year-over-year.
Besides, attractive post-study work opportunities in many countries, the easy availability of educational loans, and scholarship options are reasons why more Indians are opting to study abroad.
According to Gradding, many countries welcome international students and work tirelessly to clear the visa backlog. The US and Canada have taken innovative measures to process more visa applications, such as hiring new employees and modernising their services.
EASE UP YOUR HOUSE HUNT
Most students invest money in housing options in popular study destinations. There are significant issues with the housing supply in all host countries. Students can improve the housing options for students, by taking a multi-stakeholder approach. Yearly.
In a recent survey, it is estimated that students spend around $16,590 on housing when studying abroad and living on campus comes with added benefits such as being closer to classes, extracurricular activities and campus resources. However, it’s important to note that on-campus accommodation costs 10-40% more than off-campus options. Consider the convenience and opportunities that come with campus living, and decide if the added cost is worth it for you.
In this context, Mrs. Mamta Shekhawat says, “The stakeholders on the supply side help students to transform the current student housing situation,”
Investing in student housing infrastructure can bring several benefits to the entire ecosystem. Let’s explore some key points:
- It would make it easier for students to afford a university education.
- It would reduce students’ stress and anxiety when searching for affordable housing.
- It would create more vibrant and inclusive educational communities on and around the campus.
By putting it all together, it can be said that,
The housing crisis is a serious issue that needs immediate attention. To address this problem, governments must proactively develop national student housing strategies and invest directly in PBSA infrastructure. This could involve building new student accommodation, providing subsidies or tax incentives to private developers who build student accommodation, or offering grants to students to help them with the cost of rent.
Indeed, governments have a crucial responsibility to provide national student housing strategies and invest in infrastructure for Purpose Built Student Accommodation (PBSA). This investment can construct new student accommodation, offer subsidies or tax incentives to private developers who build student housing or provide student rent assistance grants.
Thus, such measures will ensure students can access safe and affordable housing while pursuing their studies.