Students going abroad spend a lot on housing

They are spending close to 34 billion US dollars for 2023-2024 on their education.
Image used for representation
Image used for representation

BENGALURU: Education partners and companies associated with facilitating students’ journey after their admissions to universities abroad recommended that with growing demand, geopolitical issues and demand-supply imbalance, interested students must “start early”.

They stressed that students should plan approximately 12 to 18 months before they depart for their educational destination.

Students must look beyond university halls as many shell out more from their pockets to pay for accommodation in foreign countries. Early planning can potentially reduce costs by 20-30 per cent, according to a report -- Beyond Beds and Boundaries: Indian Student Mobility Report-2023-2024 -- released recently by University Living (UL).

The report noted that an estimated 1.3 million students enrolled in courses abroad for 2023 out of which 6 per cent were from Karnataka, and this percentage will only see a spike in the coming years. Around 8.5 lakh students are pursuing higher education in just four focused countries -- the US, UK, Canada and Australia. They are spending close to 34 billion US dollars for 2023-2024 on their education. The sector is set to grow by 14 per cent and the projected spending by Indian students on overseas education is expected to be around 70 billion US dollars by 2025.

The trends also show that there is a shift in countries that students opt for with an increasing demand for Spain, Europe, Dubai, Germany, Kyrgyzstan, Ireland, Singapore and Russia as the next hotspots.

Speaking to TNIE, Saurabh Arora, founder and CEO, UL, an international student housing managed marketplace, said, “Accommodation in university halls and Purpose Built Student Accommodation (PBSAs) is limited. Universities are not expanding their halls which has a direct impact on how much an Indian student has to shell out for accommodation in co-living, private apartments and homestays. Affording accommodation beyond these two options is an expensive affair.”

He added that according to the data accessed by the UL, only one out of six students get university halls. An Indian student studying abroad pays 12,000 dollars in the US, 10,000 US dollars in Canada, 13,000 US dollars in Australia and 9,700 US dollars in the UK for accommodation.

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The New Indian Express