Amidst global economic turbulence, Indian students are continuing to aspire for higher education in US universities, leading to a growth of up to 70% in the number of students applying for loans for education in the US, according to data from the last financial year.
Firms assisting students with education loans, such as Avanse Financial Services and UK-based fintech company Prodigy Finance, have seen a similar trend, with the latter registering a growth of about 60% in loan applications from Indian students.
One of the primary reasons for the high number of students applying for education in the US is a large number of higher education institutes offering quality education. Additionally, the increased capacity for US visas and the lowering of waiting times have contributed to the rise. Students are applying to US universities for both undergraduate and MBA courses. Experts have noted a surge in the number of applications to the non-Ivy mass student base from India, which shows a growing interest in studying in the US.
Moreover, the US has some of the world’s best universities, and STEM programs offer students the opportunity to stay after their education and work in the US for three years. This is an attractive prospect for many students. The numbers are expected to increase in the next few months before all applications are shut and the students go to class in August, according to Mayank Sharma, country head for India and head of global partnerships at Prodigy Finance.
Despite large-scale layoffs and recession fears, the high number of loan applications from Indian students demonstrates a continued interest in US education. It is important to note that education loans can help make higher education accessible to students who might not otherwise have the financial means to pursue their academic aspirations. Therefore, firms assisting students with education loans are playing an important role in helping students achieve their educational goals.
