Pursuing higher education abroad and education loans as source of funding
Can you share insights on the increasing overseas education market in India?
India has long been a significant contributor to international students, with a rising number of Indian students opting for higher education abroad. According to the Ministry of External Affairs, over 1.5 million Indian students were pursuing studies abroad in 2023. This surge reflects the evolving aspirations of Indian students seeking global academic opportunities.
Over the past five years, the top destinations for Indian students have consistently included the United States (US), Canada, the United Kingdom (UK), and Australia. Additionally, Germany, New Zealand, Singapore, the United Arab Emirates (UAE), France, the Philippines, Ukraine and the Russian Federation have also been popular.
What does the future look like when it comes to this trend?
The number of Indian students studying abroad is expected to increase due to factors such as the expanding student population in India, rising competition, renowned institutions abroad, a rising preference among students for global exposure, enhanced career and income opportunities and emigration for a better quality of life.
In addition to these, factors such as rising awareness among Indian students and parents about the benefits of studying abroad, increased access to information, an ageing population in some of the study abroad destinations, talent shortage, availability of overseas education financing, and more are contributing to the growth of this number.
