The overseas education sector has grown significantly in the last six years with a 68% increase in the number of Indian students going abroad for higher education in 2022, according to data by the Ministry of Education. Reflecting the same growth trajectory, Prodigy Finance claims to witness a 72% growth in loan applications in 2022 in comparison to 2021.
According to Prodigy Finance’s Study Abroad Insights Report for the year 2022, its services have received significant growth in Tier 2 and Tier 3 regions in India, where they saw an uptick of 162%.
“For Indian students who have placed large bets on international education programmes, the looming possibility of a global recession may be discouraging. However, it is a good time for students to invest in their internal education. India has seen a huge growth in 2022 in terms of applicants seeking to study abroad. At Prodigy, we saw a 73% increase in loan disbursements in India. We believe and are fully committed to removing barriers to financial access that will help aspiring students realize their dreams of better career and growth opportunities.” Mayank Sharma, country head India and head, Global Partnerships, Prodigy Finance, said.
Some key findings from the report claim:
Winds of equity in higher education – female participation increases by 145.% on average across courses:
- Management: Female applicants grew by 93% vs 32% male applicants
- Accounting: Female applicants grew by 350% vs 94% male applicants
- Analytics: Female applicants grew by 70% vs 51% male applicants
- Public Health: Female applicants grew by 154% vs 111% male applicants
Amidst global headwinds, new markets emerge for international education:
The report revealed insights on emerging markets providing international education, with Netherlands (124%) and Italy (118%) witnessing a boost because of favorable laws and post-study work opportunities. The most preferred study abroad destinations among Indian students are anglophone countries such as the US, UK, and Canada – which witnessed an upward trend of 68%, 29%, and 9% respectively.
Foreign student loan applications spike concentrated in these cities:
Cities like Hyderabad, Mumbai, Bengaluru, Delhi, and Chennai have the highest number of loan applications in 2022 versus 2021. In Tier 1 cities, Delhi saw a massive increase of 237% followed by Hyderabad which saw a spike in the number of registrations with a growth of 193%. Mumbai witnessed a spike of 142%, followed by Bengaluru with a growth of 82%.
Tier 2 and Tier 3 cities witnessed a growth of average 53% and 109% respectively in the number of applications. Vijayawada and Lucknow contributed largely to this uptick with 185% and 91% growth respectively.
New courses and countries that are increasingly preferred by Indian students:
The report observed an upward trend of women in STEM and other science related fields, such as Bio/Biotech Engineering, Vehicle Engineering, Chemical Engineering, Information Systems, Operations Research, and Earth Sciences wishing to study in emerging markets such as Italy, Netherlands, Portugal, Switzerland, Singapore, and Hong Kong.
Top five preferred universities for aspiring students:
As per the report, among Prodigy Finance student applications, the top five most desired universities include:
- Arizona State University
- University of Texas at Dallas
- Hult International Business School
- Northeastern University
- University at Buffalo
Furthermore, the report claimed that in 2022 the company saw 72% rise in applications from India and 73% increase in loan disbursements for Indian students.