The demand for quality education has transcended borders, with students increasingly seeking international experiences that offer academic excellence and cultural exposure while carving professional paths overseas. Among these aspirants, Indian students stand out as a driving force shaping the future of international education.
The numbers tell a compelling story. According to the Ministry of External Affairs, as of 2023, over 1.3 million Indian students were studying overseas, a figure that has grown consistently over the past decade. The traditional destinations – the United States, United Kingdom and Australia – continue to attract a significant number of Indian students.
For instance, in the US alone, Indian students represent approximately 25% of the international student community, with over 268,923 enrolled during the 2022/23 academic year, according to the 2023 Open Doors Report from the Institute of International Education (IIE). This reflects an underlying reality: Indian students today are ambitious participants eager to harness global opportunities.
The emergence of non-traditional destinations such as Germany, Ireland and the UAE signals the diversification of global education markets. These regions, with their progressive visa policies and lower cost of education, are increasingly attractive to Indian students seeking quality and opportunity beyond traditional destinations.
However, it is crucial to acknowledge growing challenges posed by rising tuition and living costs. The cost of education abroad can vary significantly, and the same continues to rise steadily, which might introduce layers of uncertainty. This places a substantial financial demand on families, and education loans help bridge this crucial gap, empowering students to access global opportunities without immediate financial hardship.
The emergence of non-traditional destinations such as Germany, Ireland and the UAE signals the diversification of global education markets
In today’s global landscape, factors such as the uncertainty around visas present a layer of complexity to planning higher education abroad. Students and education loan providers are adapting to these changes, to ensure that education finance remains accessible despite evolving dynamics.
For India, the increasing outward mobility also presents a strategic opportunity. With the New Education Policy (NEP) 2020 promoting global outreach, Indian universities are poised to forge deeper partnerships with international counterparts by inviting foreign universities to establish campuses and encouraging Indian institutions to rise to global standards. India can thus look forward to positioning itself not only as a source of global talent but also as a destination for international learners.
As we move forward, our focus must remain on building transparent, student-centric financing ecosystems that empower dreams and drive growth for individuals and nations alike, while maximising human potential.
About the author: Arijit Sanyal is the managing director & chief executive officer of Credila Financial Services Limited (formerly known as HDFC Credila Financial Services Limited), India’s largest education focussed NBFC (as per the assets under management as of March 31, 2024). He has 21 years of experience in the financial services and banking sector with experience across retail, investment and corporate banking.
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