Even as the cost of education is on an unprecedented rise owing to the unrelenting surge in the US dollar, the number of students flitting to the US for higher studies remains unchanged.
According to an Economic Times report, the 10 per cent decline in the value of the rupee against the US dollar has not shaken up the resolve of applicants seeking to complete their education in the US. Various overseas education consultants said that the number of students seeking study options abroad has seen a rise of 60 to 70 per cent in 2022. The causes for this are demand following the Covid pandemic, rise in the number of undergraduate applications, resumption of travel and the continued interest of Indians wanting to explore options abroad and pursue US degrees due to higher payback and better overseas job opportunities.
The demand for STEM-related courses, which offer a more liberal work visa regime of three years after the completion of a degree, remains high, according to the report.
Vibha Kagzi, the CEO of ReachIvy.com told the publication that despite the rising costs, the company has seen its numbers increase by around 70 per cent year-on-year.
“Our platform had around 2,00,000 users in 2021, a number already breached with three more months left to go in 2022. A large chunk of these are aspirants for US colleges,” Sumeet Jain, co-founder of Yocket told ET. He also added that aspirants for US colleges are more serious about their plans as reflected in lower drop-out rates compared with students aspiring for the UK or other countries.
Education consultants also said that countries such as the UK, Australia, France, Germany, Canada, and Australia are attracting an increasing number of students from India in recent years due to their liberal post-study work visa permits and cheaper study options.
Published 22 October 2022, 05:22 IST