As many as 83 per cent of students report cost as the most significant barrier to studying abroad, said fintech firm MPOWER Financing in its second Social Impact Report. While 91 per cent of students state that the availability of an educational loan was instrumental to their ability to study abroad, the survey added.
The report which analysed the role that financing plays in international education and student outcomes added 79 per cent of students came from global south (emerging) nations. International students have a significant economic impact on their host country during their studies. They also contribute significantly post-graduation to the economy and civil society in the US and Canada. While 18 per cent of graduates have raised funds and advocated for key causes, 10 per cent have founded or co-founded a company or organization.
Also read| 57% of Indian Middle Class Aspires to Study Abroad: Survey
The Social Impact Report was produced in partnership with Dr Rajika Bhandari – an international higher education expert, former international student, and author of America Calling: A Foreign Student in a Country of Possibility. The deeply personal memoir recounts her journey from India to the US as a student and immigrant, and appeals for countries to open their doors to international students.
The report asks for a call to action for higher education institutions, policymakers, and the private sector to improve access to global education. “Colleges and universities should consider a full suite of financial solutions for students, including scholarships, financial aid, and wider availability of cross-border student loans. Immigration reform is urgently needed in the US to establish a clear pathway between higher education and skilled immigration to maximize the economic impact that international students can make. Further, more scholarships and private philanthropic efforts focused on different groups of underprivileged students are needed to increase educational access and prevent “brain waste” or the loss of human capital. Displaced and refugee college students are particularly vulnerable,” said MPOWER Financing.
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