According to a new report from the Institute of International Education, nearly 270,000 Indian students were studying in US higher education institutions in the academic year 2022-23. The report stated that the number of Indian students that went to the US in the 2022-23 academic year witnessed a 35% increase from the previous year, reaching an all-time high. Indian students also constitute 1/4th of the total foreign students studying in the US. For the first time since 2009-10, India has surpassed China in the number of graduate students studying in US universities.
Clearly, the United States is an attractive destination for Indian students, and this year many of them aspire to pursue high-quality international education and possibly an international career in the US.
However, the larger process of studying abroad is not always straightforward. Students often grapple with numerous questions: What makes the US the ideal study destination? How can I ensure preparedness for applications to my chosen universities? What does the visa process entail, and how should I navigate it? What funding options are available to me? How can I manage my finances effectively? And, how will a US education align with my long-term goals?
To answer all these questions and more, MPOWER Financing and the Economic Times hosted MPOWER Financing presented ‘ET Career Day: Study and Live in the USA’. This workshop took place on December 19 and covered three themes: study in the US, live in the US, and manage your study abroad finances. The workshop had three experts speak on these topics and students were able to directly engage with the experts through a live Q&A session. The experts were: Anand Cavale, Chief Growth Officer of MPOWER Financing, Rajika Bhandari, Principal of Rajika Bhandari Advisors, and the author of America Calling: A Foreign Student in a Country of Possibility and Yudi, Senior Product Manager at Auto Approve and a content creator.
When speaking about the crucial factors that students should consider while choosing their universities, Bhandari spoke about ‘fit’. Bhandari stated, “What I'm going to emphasise is that the impact is not so much the brand of the institution, but how well has the institution done to prepare you for your outcomes when you finish your education.” According to her, during the process of application, students tend to get fixated on the idea of rank, prestige and the brand of the institution, however, she highlighted the diversity that US higher education offers and encouraged people to choose institutions in which they will fit the best.
Both Yudi and Bhandari agree that multiple factors influence a student’s choice: location, coursework, brand, and the percentage of international students. However, for Yudi, his ultimate factor was price. Yudi stated, “I knew my budget, I knew this is what I can afford. So people who are looking or thinking about universities, you also need to look at what you can afford, and don't just go because the brand is there.” Many Indians like Yudi may not be able to afford all of the universities in the US, however, once you know what you can afford, then it is important to start looking at the other factors. Yudi said that going to the US was one of the best experiences in his life, and not only did he learn technical skills but he grew as a person. The US educational ecosystem pushed him into uncomfortable places and allowed him to meet people with whom he has built great relationships.
Cavale reiterated Yudi’s point, emphasising that no matter where a student chooses to study and live in the US, they will gain a wholesome experience. Cavale stressed the importance of all students figuring out how they will finance their education.For those lacking family support or personal savings, scholarships or assistantships are viable options. However, if a student cannot obtain those, borrowing becomes a consideration.“For those who aren’t able to get an assistantship or lack adequate means of support and even partial means of support,borrowing is an option if you're confident about your ability and the field of your study and that it is going to enhance your future career in a certain way,” said Cavale. The Chief Growth Officer of MPOWER Financing went on to talk about how MPOWER can help with funding students. “At MPOWER, for example, we'll give you a very transparent, easy-to-apply digital experience , that technically will give you up to $100,000 on a fixed interest basis, which means you will know what amount you're going to pay throughout your your education, and it doesn't vary.”
Cavale also spoke about the need for managing finances once you have made it to the US. Since many Indian students have lived at home their whole lives Cavale believes that most of them underestimate the cost of living. “I think what one needs to understand is, by and large, people underestimate their living expenses because they have lived in their hometown, under the auspices of their parents…when you go overseas, you're completely uprooting yourself and you're going to a new environment.” Anand states that it is better to have an idea of all the things you will need to pay for, including phone, transportation, and apartment rent, and keep a rough estimate of how much it will all cost, that is the only way one can start budgeting in advance.
