Until a decade ago, the number of Indian students opting to study abroad was a small number in comparison to what it is today. Now, India is second only to China in the number of students flying abroad for global education and exposure. According to reports from the Indian Ministry of External Affairs in 2019, about 753,000 Indian students were pursuing education oversees. And in 2020 the number is set to rise; even if due to a completely different reason in view (Source).
Why? Let’s find out.
Historical data from the Great Recession of 2008 suggests that students were more likely to enroll in college and stay in college during a recession. So while job opportunities reached an all-time low, student interest in colleges and especially higher-education spiked. This “trend” that they call it, seems to be making an appearance all over again as the current global health crisis affects markets across the globe.
What essentially happens during a recession is that the opportunity cost — or the job opportunities a student might forgo while in college — of studying drops dramatically. During these times, it’s not just harder to find a job but to retain one too! So essentially kids who were not even considering higher ed, opt to study. Kids who were considering dropping out, stay put. And kids who wanted a break between school and more school, don’t take one. During times good and bad, education seems to be the one aspect of life that thrives, recession or not.
Truth be told, a majority of Indian students opt for international study abroad programs on grounds of affordability and career prospects post-graduation. Whether they choose to stay back and climb the ladder or come back to do the same, their career trajectory is stronger and much more refined with that international degree in hand. So even though the market is undergoing a lull at this present time, when it does bounce back, students have greater opportunities due to fewer full potential applicants.
It’s understandable that an economic decline could pose students with confusing, complex questions. But also an interesting argument remains: lesser the competition, more the opportunity. Indian STEM students who are currently studying or soon to be studying in the USA could potentially be provided with more job venues as soon as markets recover. Therefore, upskilling is among the most rewarding activities one can pursue during an economic recession. It means no lost time and a light at the end of the hypothetical tunnel. What’s also interesting to note here is that the United States will have to fill 3.5 million STEM jobs by 2025, as per a report by The National Association of Manufacturing and Deloitte. Moreover, 2 million of these jobs are presently going unfilled because of the lack of highly skilled candidates (Source).
If you have taken the call to pursue your higher education but are now unsure of your next steps, our team at Leap Finance will be happy to connect with you to better understand the tour dilemma and guide you on how to proceed. If funding is a barrier, then options such as scholarships and loans are your go-to.
Leap Finance aims to help Indian students looking to pursue MS/STEM courses in the United States by bridging the gap by connecting global capital providers with high prospective students in emerging markets. We offer full tuition + living amount without collateral at low fixed rates (8–10%). The whole process is fully online and you get your loan sanction within 3 working days. The process is simple, easy and as student-friendly as it gets! You can get in touch with us by visiting www.leapfinance.com today.