Indian students pursuing higher education abroad are facing significant financial burdens, with housing costs reaching thousands of dollars annually.
An Indian student studying in the United States spends around $12,000, while those in Canada, Australia, and the United Kingdom shell out approximately $10,000, $13,000, and $9,700 respectively for accommodation. These figures highlight the pressing need for early financial planning to manage expenses effectively.
Education partners and companies that assist students with their journey to international universities stress the importance of starting preparations early. With increasing demand, geopolitical uncertainties, and an imbalance between supply and demand, they recommend that students begin planning 12 to 18 months before their departure. Early preparation can potentially reduce accommodation costs by 20-30%, as noted in the report "Beyond Beds and Boundaries: Indian Student Mobility Report 2023-2024," recently released by University Living (UL).
The report indicates that approximately 1.3 million Indian students enrolled in courses abroad in 2023, with six percent hailing from Karnataka. This number is expected to rise in the coming years. Currently, around 850,000 students are pursuing higher education in the US, UK, Canada, and Australia, collectively spending close to $34 billion on their education for the 2023-2024 academic year. The sector is projected to grow by 14%, with spending by Indian students on overseas education expected to reach around $70 billion by 2025.
Trends also suggest a shift in preferred study destinations, with increasing interest in countries like Spain, Germany, Dubai, Kyrgyzstan, Ireland, Singapore, and Russia. This diversification in choices reflects changing student preferences and opportunities.
Saurabh Arora, founder and CEO of UL, an international student housing managed marketplace, emphasizes the scarcity of accommodation in university halls and Purpose Built Student Accommodations (PBSAs). He notes that universities are not expanding their housing facilities, forcing students to seek alternative and often more expensive housing options such as co-living spaces, private apartments, and homestays. According to UL’s data, only one in six students secures a spot in university halls, further exacerbating the financial strain on Indian students.
As the demand for overseas education grows, the financial implications of housing continue to be a significant concern. The report underscores the need for proactive planning and budgeting to ensure that students can manage their expenses effectively while pursuing their academic dreams abroad. Early preparation and exploring all available accommodation options can help mitigate these costs, making international education more accessible and affordable for Indian students.
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