There is an increase in the number of Indian students studying abroad by stunning 256 percent – from 53,266 to 189,629 – in just nine years (2000–2009), according to a study by IIM-B. Roughly 800,000 students from India go abroad to pursue their higher education however with the rapid fall of the rupee, there may be a change in this trend.
Places to Look Out For
The U.S. dominates the chart in registering as the most popular destination for Indian students and perceived to provide the most prestigious and valuable credentials among other study abroad opportunities. Even though it has recently lost some ground; the country still attracts more than half of all Indian students going abroad to study, but it saw its share of students from this country drop from 73.4 percent in 2000 to 53.6 percent in 2009.
Australia was overshadowed by the UK in 2009 after the US to become the second most sought after destination by grabbing 17 percent of all Indian students in 2009. Similar to the US Germany and France lost some share of Indians since 2000, but they are expected to gain share in the expected event that the UK will lose some in the coming years. Countries which are now coming under the radar for Indians include Sweden, Denmark, Italy, and Ireland.
Courses Most Preferred
Most of the Indians studying abroad are doing so at the graduate level, with the most popular fields being business or STEM-related (science, technology, engineering, and mathematics). Most of them rely on scholarships and/or other financial assistance to fund their education, but most Indian students pursuing degrees abroad are taking on heavy financial burdens and debt to do so.
A MBA degree is the most preferred choice with students having enough work experience in India, opting for it overseas. For all kind of engineering courses; Germany is best destination to study as they offer Master Courses in the Engineering sector free of cost.
Documentation and Financial Aid
Getting a proper VISA on time before start date of class is one of the hassles in arranging documentation. If a student is going for long term full time studies then they should apply for study VISA as one cannot travel in visitor VISA or any other VISA which was stamped earlier in their passport and they should also be cautious of constantly updating their VISA prior to its expiry. They should also make the embassy aware of the purpose for which they are going to abroad.
Once the documentation is cleared, financial coverage also plays a vital role. In turn the local industry and employers generally recruit students from a careers office of a university, which regularly posts employment vacancies. Students are also free to try alternative options through local community news papers and networking. As per the norms most international students are allowed to work part-time for up to 40 hours per fortnight in Australia, 20 hours per week in New Zealand, 20 hours per week in United Kingdom and 20 hours per week in Canada. The minimum wage in Australia is around AUD 12.00 to AUD 14.00 per hour, in New Zealand it's around NZD 10.00 to NZD 14.00 per hour. Most of the students working part time are working on minimum wage rate and students may not get enough hours every week. So it is advisable for students not to go abroad thinking that part-time jobs are easy and they can take care of all their expenses.
Banks like HDFC Credila, which specializes in education loans, is open to providing additional loans so that students can finish their courses. PSU banks such as the State Bank of India are taking an initiative to approach the Indian Banks' Association if there are requests for enhancement of loan amounts from existing borrowers. Banks are also contemplating extending the repayment period of loans taken to pursue higher studies abroad. This is all due to the recent slump in the value of the Indian currency and making the students bear their overall expenditure by anywhere between 10-20 percent.
There is perpetual chance of Indians opting for their tertiary studies abroad due to the deterio rating state of the economy and also limitations within India's current education system. It is imperative in judiciously choosing a study destination. Recent changes to immigration and visa policies have made it easier for foreign students to work, both while studying and after graduation, and residency incentives have been introduced so that student do not face any major problems during their stay.
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