Many students are wondering what to do with their admissions to foreign universities. Just keep the bragging rights and drop the idea of going abroad? Will online classes be worth the investment? More importantly, students finishing school this year are wondering whether to even consider studying abroad. With the caveat that we have no answers, here is a summary of how it looks for major study abroad destinations:
TheU.S.
The U.S. has always been the most expensive destination with an undergraduate degree requiring a financial outlay of approximately ₹ 2 crores. The economic impact of COVID-19 is likely to be bad, with several US students choosing to study in-state to save tuition fees and the number of international students declining. Smaller universities are likely to be under pressure to shut down and medium-ranked ones are likely to merge with others. A major re-branding effort is expected.
The biggest challenge for U.S. students will be job prospects, as a recovering economy may not have enough jobs for international students, and the investment may be just too high for a undergraduate education, no matter how outstanding.
For international students, then, the only meaningful choice will be to aim for top-ranked universities. Unless college fees come down, though, the value of degrees from universities lacking an international reputation will be minimal.
The United Kingdom
The U.K. is likely to emerge as a high value-for-money destination, especially for undergraduate students. Its three-year format and lower fees lead to a total financial outlay of around 60% of top American universities. This, combined with highly ranked universities with celebrated faculty across subjects, make the U.K. an attractive proposition for a top-class education.
The clincher, though, lies in the revised visa and PR norms. The two-year post-study work visa and the revised point system for PR makes the U.K. an easier immigration proposition for Indian students in STEM and other highly-skilled areas.
Though the economy has grown at less than 2% in the past few years, BREXIT presents a tremendous opportunity for the U.K. to invest in essentials, manufacturing, infrastructure and other industries. This is expected to spur job growth even during the economic recovery post COVID-19. With more than 20 universities ranked in the top 100, the U.K. presents a high-value, moderate-cost study destination with growing job and immigration prospects.
Canada
Canada has always had a lot going for it, with easy PR norms and top scores on all quality-of-life rankings. Its top five universities are well recognised internationally. The moderate fees — around 75% of the U.S. — and the relatively large Indian population in Canada make it a highly popular destination across streams.
The slow economic growth rate compounded by the impact of COVID-19, relatively high costs and fewer internationally-recognised universities put it just behind the U.K. in attractiveness as a study destination.
Australia
It offers excellent immigration prospects along with a moderate fee (about half of top U.S. universities). However, with only a few Australian universities boasting of strong international recognition, this has always been a immigration, rather than a higher education destination. With 18 months post-study work visa and easier PR norms, this is best if you are consider careers in accounting, engineering, nursing, computer and IT, education and teaching. While Australia seems to have managed the impact of the virus and lockdown well, some questions have been raised on the viability of international students supporting themselves, with fewer job opportunities now.
The writer is Founder and CEO, Inomi Learning, a Gurugram-based career and college guidance firm.info@inomi.in
