Recent changes in visa rules for international students have significantly impacted the decision-making process of Indian students aspiring to study abroad. These changes, aimed at attracting more international students, have made it easier for them to obtain study permits and extend their stay post-graduation.
For example, the United States has introduced student-friendly visa policies, allowing international STEM graduates to apply for post-graduation work permits for 24 months. This has incentivized Indian students to pursue STEM courses and provided them with more time to secure employment and manage their education loan repayments.
Similarly, the UK’s Graduate Visa permits students to stay for 2-3 years after completing their higher studies, while Canada offers a post-graduation work permit for up to 3 years. These favorable policies, including part-time work options, have become crucial factors in students’ destination choices and financial planning.
Growing Demand for Education Loans
The rising cost of overseas education, combined with the desire for world-class education, has driven Indian students to explore opportunities abroad. Education loans have become a viable solution to bridge the financial gap. Institutions like Avanse Financial Services have witnessed a surge in education loan demand, particularly from tier 2 and 3 cities.
Additionally, there has been a significant increase in female students pursuing higher education, especially in STEM fields. The desire for global exposure and qualifications to enhance job prospects in a competitive market has further fueled the demand for education loans.
Overall, these developments highlight the growing importance of education loans in fulfilling Indian students’ aspirations to study abroad. While the United States remains a top choice, there is also a growing interest in countries like the UK, Canada, Germany, and several Nordic nations for higher education.
