Amid large-scale layoffs, recession fears, and turbulence in global economies, Indian students continue to aspire for higher education in US universities, The Economic Times (ET) reported.
Data from the last financial year reveals that education loan providers such as Avanse Financial Services registered a growth of up to 70 per cent in the number of students applying for loans for education in the US, according to the report, which quoted the company's CEO, Amit Gainda.
UK-based fintech company Prodigy Finance is engaged in assisting students with loans. It also saw a similar trend and registered a growth of about 60 per cent in loan applications from Indian students to finance their education in the US, the ET report added.
Mayank Sharma, country head for India and head of global partnerships at Prodigy Finance, was quoted in the report as saying, "The numbers are expected to increase in the next few months before all applications are shut and the students go to class in August."
Several factors are responsible for the high number of students applying for education in the US. The large number of higher education institutes offering quality education is one of the primary reasons. Increased capacity for US visas and the lowering of waiting times are also contributing to the rise.
Students are applying to US universities for both undergraduate and MBA courses. There has been a surge in the number of applications to the non-Ivy mass student base from India wanting to go to the US for studies, an expert said.
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Another expert said that the US has the world's best universities, and STEM programmes offer students the opportunity to stay after their education and work in the US for three years. This makes the idea of studying in the US even more attractive.