By Rajesh Narayan Kachave
The United States of America has solidified its position as the top destination for Indian students seeking higher education through its renowned, globally recognised academic excellence.
According to an Open Doors report, the number of Indian students studying in the US increased by 35%, reaching an all-time high of 2,68,923 in the 2022-23 academic year, accounting for 25.4% of all international students in the US. This growth is also attributed to the cultural importance of education in India, where it is deeply valued as a key to success and a source of family pride.
Additionally, the availability of education loans from new-age financial institutions such as education-focused NBFCs in India, which are customised to each student’s needs, has made it more convenient for students to turn their dreams into reality.
Key factors driving students to the USA
Education system in the US: The USA’s education system is renowned worldwide for its high-quality learning, offering students a competitive edge through prestigious degrees from top-ranked universities. This global reputation makes US universities highly popular among Indian students, especially those who are ambitious and seek to advance their academic and professional careers on an international level.
Lucrative career opportunities: Studying in the US opens doors to lucrative career opportunities, offering strong earning potential across a wide range of fields. As a global technological hotspot, the US provides unparalleled access to cutting-edge innovation, mainly through hubs like Silicon Valley.
Whether in technology, finance, healthcare, or academia, international students can capitalise on the advanced infrastructure and vast professional networks available in the country. This environment not only fosters skill development but also presents unique opportunities for internships, research, and full-time employment in some of the most competitive industries worldwide.
Cultural diversity and global exposure: The USA’s cultural diversity provides students with unparalleled global exposure, enriching their educational experience and equipping them for successful international careers. This vibrant multicultural environment fosters cross-cultural understanding and broadens perspectives, making it an ideal setting for students seeking a well-rounded, globally relevant education.
Admissions process in the USA: Universities employ a holistic admissions process, making them appealing to students with diverse talents and interests. This approach ensures a fair and comprehensive evaluation of each applicant’s potential, considering not just academic achievements but also extracurricular activities, leadership qualities, and personal experiences. This inclusive process attracts students seeking a well-rounded and equitable assessment of their capabilities.
Comprehensive support and advanced infrastructure: US universities provide robust support systems for international students. They offer comprehensive academic guidance, where students are paired with faculty advisors to plan their coursework and career paths.
They provide research opportunities, mentorship programs, wellness and counselling services, to name a few. Coupled with their advanced technological infrastructure, featuring state-of-the-art facilities, these resources significantly enhance the learning experience, ensuring students are well-supported and equipped to excel in their studies.
Visa options and practical training: The USA offers a range of visa options to support international students in both their academic and professional endeavours. Among these, the F-1 visa is particularly advantageous, providing access to Curricular Practical Training (CPT) and Optional Practical Training (OPT).
CPT allows students to gain employment training and to engage in paid internships off-campus during their course period. OPT enables them to work in the US for up to 12 months post-graduation, with extended periods for STEM graduates. These programs play a crucial role in connecting classroom learning with practical experience, giving students a competitive edge in the job market.
Although M-1 and J-1 visas also facilitate study in the US, they do not offer CPT or OPT opportunities. M-1 visa holders are limited to on-the-job training for up to six months after completing their program, with no other work options available. For students seeking robust work experience alongside their education, the F-1 visa remains the best choice.
NBFCs offering education loans: NBFCs have revolutionised education financing for Indian students by providing personalised loan options with comprehensive coverage. These innovative solutions make higher education financially accessible without depleting family savings, empowering students to achieve their academic goals independently and earn the self-made badge.
The US is one of the most sought-after study abroad destinations because of its high-quality academic programs, world-class universities, extensive networking and professional opportunities, and enhanced earning potential. New-age education-focused NBFCs have been playing a crucial role in making education financing accessible and affordable for Indian students so that they can pursue their goals and achieve their version of the American Dream seamlessly.
(Author is Chief Business Officer – Student Lending International Business, Avanse Financial Services)
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