Foreign education is getting increasingly unaffordable following the Indian rupee’s 7.2% depreciation during the fiscal year 2022-23. However, Indian students’ flame of ambition to study overseas hasn’t diminished. Even exorbitant tuition fees and the high cost of living haven’t deterred them.
While analysts claim that Surat, Ahmedabad, and Vadodara have recorded applications from many foreign-university aspirants, Tier-II and Tier-III cities aren’t left behind on this count.
A news report, citing data from the State Level Bankers’ Committee (SLBC) Gujarat, claims that education loan disbursements have increased 23% increase, up to Rs 1,252 crore as opposed to Rs 1,020 crore in FY 2022.
What’s more, the number of applicants for foreign education has also shot up by 13% compared to the previous fiscal year. From March 31, 2022 to March 31, 2023, the dollar exchange rate also went up by 7% from Rs 76.21 to Rs 81.72.
Yet, many Indian students are keen to study in Australian universities, though they’re also consumed by the prospects of studying in the US and Canada.
Recently Australia changed immigration rules, one of which was granting immediate graduate visas to international students. Canadian and US embassies have addressed the visa appointment delay issue, resulting in a high number of admission seekers, the report added.
With many banks offering collateral-free student loans with attractive interest rates, and Non-Banking Financial Companies (NBFCs) extending competitive benefits to the academically strong, foreign universities are expected to attract more Indian students in times to come.