Despite the looming threat of recession and job losses, the United States continues to be the preferred destination for Indian students seeking higher education, according to prominent education consultants and loan providers.
As the fiscal year came to an end on March 31, education loan providers observed a significant increase in the number of students opting for financial assistance to study in the US compared to the previous year.
US-Based Programs Experience Surge in Loan Applications
This year has seen a significant increase in loan applications from India to fund studies in the US, according to experts, with the number of applications expected to increase in the coming months before the application period closes and students begin classes in August.
In March, higher education institutions in the US reported a record-high demand for their programs, with a significant increase in applications compared to the previous year and the pre-pandemic era.
The growing allure of a US degree can be attributed to a number of factors, including the country's vast array of high-quality colleges and universities, increased capacity for US visas this year, shorter wait times, and an overall increase in the number of foreign education aspirants from India - not just from metropolitan areas, but also from tier 2 and tier 3 cities.
"The United States has always been known for its exceptional educational institutions and the opportunities it provides for personal and professional growth," said Sanjay Laul, Founder and Advisor of education management company M Square Media (MSM). "With the ongoing economic uncertainty, Indian students are looking to hone their skills and knowledge in a competitive environment such as the one provided by this destination market."
The Allure of US Universities
Indian students continue to enroll in undergraduate and MBA programs at US universities, ranked some of the world's best. STEM programs also allow students to stay and work in the country for three years after finishing their studies, while non-STEM students still have one year to work after completing their studies.
"The emphasis on research, innovation, and practical application of knowledge in the US education system makes it an ideal choice for Indian students who aspire to excel in their chosen fields," Laul noted. "The country's visa policies and employment opportunities solidify its position as a top education destination."
"Indian students studying in the US not only benefit from the high-quality education they receive but also contribute to the rich diversity on American campuses," Laul said. This cultural exchange promotes mutual understanding and leads to long-term relationships between the two countries."
Laul also emphasized the importance of the US in developing future global leaders, with Indian students well-positioned to make significant contributions to their respective fields and contribute to attaining UN Sustainable Development Goals (SDGs), filling critical skills gaps in the job market, and solving important social and economic challenges.
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