Why it is a great time to study abroad now and how education loans can help – India Today
By India Today Web Desk: According to a report by a consulting firm, the number of Indian students aspiring to study abroad is likely to reach the 1.8 million mark by 2024. Students prefer studying abroad for various reasons beyond world-class learning at top institutions, such as international exposure and access to global career opportunities.
Moreover, it imparts some long-lasting life skills, including soft skills, encouraging students to step out of their comfort zone and blend with a vibrant student community. Since international experience enables students to establish a network of diversified connections by making them culturally intelligent, it gives them a competitive advantage to secure lucrative employment opportunities soon after completing their higher education.
Some of the most preferred destinations to study abroad includes the United States, Canada, the UK, Germany, Australia, and Ireland. However, there has also been an increasing demand for studying at newer destinations.
A recent research report states that 42% of study abroad aspirants are now looking to explore non-English speaking countries too. These include France, Italy, Japan and Scandinavian countries such as Denmark, Norway and Sweden.
With the demand for global education increasing manifold due to pent-up demand and determination of the student fraternity to acquire quality education, after the challenging two years, students are now marching to achieve their academic aspirations to start afresh.
Studying abroad holds great merit with opportunities and experiences; captured below are a few more reasons to consider pursuing higher education overseas now:
1. Stronger bilateral relations between India and other countries
The Indian government has recently signed bilateral trade agreements with countries like the US, the UK, Germany, and Australia to facilitate a deeper relationship.
As part of this, countries like the US, the UK, and Germany support student-scholar mobility between the countries. Such initiatives will allow easy access to top-notch education and further empower young aspirants to be career-ready.
2. A new dimension of opportunities
Many student-friendly policies attract young learners to study overseas. To address skilled labour shortages, countries such as Canada and Australia have opened up employment opportunities for study-abroad students.
Canada has eased the work hour restriction for students by allowing them to work more than 20 hours per week. Australia has extended post-study work rights by two years, so depending on the study programmes, students can stay between two to six years post-completion of higher education.
Even the UK’s post-study work visa and the US’s OPT and CPT open multiple avenues for students.
3. Access to world-class learning at top institutions
The most significant reason students opt to study overseas is access to quality education. Studying overseas broadens horizons and gives access to better work opportunities.
Engaging with different cultures and networking with a dynamic student community and highly qualified faculty not only provides an educationally enriching environment but also opens a portal to benefit from an array of promising academic and professional opportunities.
4. Independence, personal and professional development
Young aspirants have to look at their well-being, physical, mental and financial when they fly to their dream destination. Moreover, students learn to be self-reliant while living away from family, which encourages them to be independent at an early age.
Travelling in a new country will enhance spatial awareness. New challenges will compel students to learn new soft skills, such as effective communication.
Well-ranked universities will allow participation in various programs, such as volunteering initiatives enabling learners to acquire leadership skills.
With inflation and rising tuition fees, foreign education has become an expensive affair. However, an education loan is a prudent choice for students to finance their education independently.
Utilising personal savings can empty the parents’ savings corpus, which they can otherwise use for contingency. Availing an education loan to fulfil the aspirations of overseas education not only eases parents’ stress but also allows the student to earn the self-made badge.
Education-focused financial institutions design hyper-personalised education loans that cover the holistic cost of education, from tuition fees to accommodation and travel expenses.
Moreover, student-centric lenders offer quick sanctions, 100% finance, flexible repayment options and other benefits to students so that they can focus on their higher education and leave their finance-related worries behind.
Education loans bridge the gap between students and academic aspirations and facilitate an increasing representation of Indian students abroad. The easy availability of education financing solutions provides access to impeccable education and enables upward mobility of the student fraternity.
– Article by Rajesh Kachave, Chief Business Officer – Education Loans, Avanse Financial Services