Nearly 4.6 lakh study visas were issued last year for Indian students by the US, Canada, the UK and Australia. As the recession has been a temporary setback, there will be a growth in the demand for higher education in the coming years.
Currently, the US, and other western nations are offering the promise of prosperity through education and employment. The value of rupee has been declining. Also, the current global recession has led to a number of companies like Meta, Twitter, etc., to lay off a significant part of their workforce.
Those who were impacted were mainly a part of the immigrants on work visas. Currently, their future is uncertain. However, the demand for a foreign degree in India is increasing continuously.
The Open Doors 2022 Report on International Educational Exchange which has been released recently shows that the number of Indian students who have been enrolling in Universities of the Unites States were 199,182 in 2021-22. This is an increase of 9% when compared to last year.
Nearly 4.6 lakh study visas were issued last year for Indian students by the US, Canada, the UK and Australia. As the recession has been a temporary setback, there will be a growth in the demand for higher education in the coming years.
To begin with, Foreign education is an expensive affair. However, if the chances of the student securing employment and residence are hindered, it can become more trickier. There are various reasons for this to happen. They include:
- The ongoing recession,
- Difficulties in securing work visas,
- Hiring freeze across major industry sectors,
- Lack of quality education,
- Absence of a ‘technical’ degree.
The future prospects of the students can be extremely taxed by the failure to secure employment added to the with the impending student loan obligations. This can also affect the mental health of the students. Thus, parents and students must not immediately focus on what is glowing brighter. They must cut through the and carefully evaluate the Return on Investment on foreign education.
FACTORS TO CONSIDER
There are various factors that one must consider before making their decision. Here are a list of factors:
1. Students must firstly take into account of the overall cost of the degree including tuition, living expenses, etc.
2. They should then count the quantum of loan, family contribution, scholarships and other miscellaneous funds that they will require to pay off the costs mentioned above.
3. Students must assess the nature of their loan if they are taking a loan. They should check whether it is dollar denominated or subject to currency fluctuation, They should also look into the interest rate or whether a moratorium is offered or about the investment opportunities.
4. Another important factor to consider is the country-specific regulations on working while studying. They must also consider the option of securing employment and residence after their studies in the country.
5. Finally, the cherry on the cake is the career opportunities in the country or the field of their choice. They must also assess the cushion they would require during down time. They include the period after securing their degree and before getting a job.
Students must definitely pursue their dream education. However, you must be circumspect and prudent while investing in a foreign degree. Thus, if you calculate the Return on Investment this way, you can make your decision easier to follow through. This will also form as a bulletproof against unforeseen circumstances. Therefore, parents and students must be wary of the Bandwagon effect.
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