COVID-19 turned the education ecosystem on its head overnight causing a displacement around the world, and the overseas education sector was no different. According to data from the Ministry of External Affairs (MEA), the pandemic had resulted in a 55% dip in 2020 in the number of students who have gone abroad compared to 2019. Now, with a sense of normalcy returning with relaxations in visa processes and mass vaccination, the overseas education market is set to revive itself and the data from Prodigy Finance corroborates this.
Prodigy Finance, a UK-based FinTech company that helps global students pursue their dream degrees at the world’s best schools by providing collateral-free education loans for overseas applications, has observed 98% growth in study abroad loan applications in the first 3 months of 2022 vs the first 3 months of 2021. Of which, tier-II and tier-III cities including Vijayawada, Visakhapatnam, Guntur, Warangal and Tirupati among others have contributed 176% of this growth.
Some other interesting insights from the report include:
- The top 5 popular business schools for Indian applicants in 2021 were INSEAD, London Business School, IESE Business School, Wharton School, Booth School of Business.
- The top 5 popular engineering schools for Indian applicants in 2021 were Northeastern University, Carnegie Mellon University, University of Texas at Arlington, Arizona State University, University at Buffalo.
- The average loan amount for the study abroad applications was $42K.
- Most preferred streams for studying abroad are Business, Engineering, Healthcare, Law, Public Policy and Science.
- 67% of applicants were male while 33% of applications were female growing at a rate of 58% and 54% respectively.
Commenting on the data report, Mr. Mayank Sharma, Country Head, Prodigy Finance said; “The Indian foreign education landscape has undergone a massive change in the post-COVID-19 era. With the opening up of international travel, easing of various restrictions and vaccinations being ramped up, the global education sector has started to pick up. The number of applications of Indian students for admission to foreign universities has gradually been on a rise.”
