International Education in 2023: What to expect, trends, changes in the field

Indian students are studying abroad in high numbers, as there’s never been a better time for them to head to the United States or Canada.

Few industries have changed as much from the COVID-19 pandemic as international education, and these changes are expected to continue through 2023. Now that borders have reopened and Indian students can return to their studies abroad, the international education industry is all set to take off.

According to data from the U.S. Department of Homeland Security, during the first 11 months of 2022, Indians received nearly 100,000 F-1 student visas, which is more than double the number of visas issued to Indians during the same period in 2019. This significant increase means that for the first time in many years, there will be more incoming Indian students than Chinese students studying at American institutions.

Canadian figures show a similar trend, with Indians receiving over 168,000 study permits during the first ten months of 2022: 60% more than the number of study permits issued to Indians during the same period in 2019. At Canadian institutions, there will be triple the number of incoming Indian students as the second highest intake nationality (after Chinese students).

There are several reasons that account for this growth in Indian students heading overseas. First, it's never been easier for Indians to apply for an overseas education. Due to the pandemic, universities have increased their recruitment efforts to digital platforms, which has allowed them to connect with students who may have been difficult to reach without a physical presence in their location, especially those outside of major cities.

Second, universities have created unique offerings with new disciplines and degree programs, which means that students have more options to choose from. This is particularly the case at business schools, where in addition to traditional MBA programs, universities are now offering a range of other master’s options for business-oriented students who are looking for a more affordable or specialised degree. These options, such as a master's in finance or management science, can be more targeted and cost-effective than an MBA and may even come with U.S. STEM accreditation, which can provide immigration benefits for students after graduation. Thus, a significant increase has been observed in the number of students enrolling in these types of programs in 2022 compared to previous years.

Finally, overseas universities are becoming more proactive in helping students finance their education – which is particularly important since today’s students have to contend with a weaker rupee and higher interest rates. Universities are working to provide students with a range of financing options, including loans, by sharing information through their websites and other communications. Recruitment officials may consult with financial aid offices to understand the options available and present them clearly on their websites. There are also websites that provide information on loan options, such as internationalstudentloan.com and elmselect.com.

Students should be aware that there are multiple options for funding their overseas education, including scholarships, which should be considered as an important source of funding. Websites such as internationalscholarships.com and eduPASS.org can help students find targeted scholarship opportunities based on their individual profiles and characteristics. Some students may also be able to fund their studies through part-time or co-op employment, as permitted by their visa. Canada, for example, recently removed limits on off-campus work hours for international students. Combining multiple sources of funding can also help students make the best financial decision for their situation.

There’s never been a better time for Indian students to pursue an overseas education. Thanks to an abundance of new academic programs and strong funding options, the dream of a high-caliber, world-class international education is more accessible than ever.

About the Author: Sasha Ramani is the Head of Corporate Strategy for MPOWER Financing, which offers scholarships and no-cosigner loans to students from India and around the world to support their study abroad journey.