Are you wondering whether it is a good time to apply for abroad Studies in United Kingdom & United States or not? There is a stressed atmosphere right now due to the on going recession right? Just remember nothing lasts forever, every problem or mishappening is going to end soon!
For overseas students, the past two years have been an emotional rollercoaster because of the Covid outbreak and the ongoing global economic recession.
Lets see a complete overview regarding what it is all about and Recession And its Impact on Study Abroad Aspirants like you!
What is Recession?
A recession is a period of short term economic decline. During this time, trade and industrial activity are limited. In general, it indicates a drop in GDP for two consecutive quarters. A recession signifies that the economy is in trouble. Talking about few facts, On an average recession lasts for approximately 18-24 months. The End of recession leads to growth in the economy again. And lastly according to various economists, The economy expects to expand 2.4% in 2024 and 2.3% in 2025. It will be difficult for recent graduates or those who are new to the market to find work. Even more so if they are not from prestigious institutions.
How will recession affect Study Abroad Aspirants?
The recession leads to greatest impact on the international education market. Enrolled students are concerned about the completion of their course, while newly enrolled students are concerned about delays in the process. This situation affects prospective study abroad students, who have no idea what shape their plans will take in the coming months. Following states about the recession impact on Study Abroad Aspirants.
The cost of studies will rise
The threat of a recession is causing a rise in tuition fees as well as student loan debt accumulates. Even if colleges and universities do not raise tuition, the qualitative costs of higher education will be higher. Students who rely on their parents to repay loans or fund their education may struggle as a result of income reductions. According to Forbes, the fee for a four-year undergraduate programme at Harvard University has increased for Indian students from $82,178 in 2021-22 to $84,413 (69,46,151) in 2022-23. However, the number of courses or intakes is unlikely to decrease. This is due to the fact that international students are a significant source of revenue for all of these universities, and without them, even the universities will struggle to recover financially.
Long term Study Abroad goals may not be Influenced
Those graduating this year or next will be the most affected by this situation. Even if the Coronavirus situation is resolved by (ideally) June of this year, economic conditions may not improve until the end of the year. Students enrolling this year will graduate in 2022 or later. That’s when they’d be available for full-time work. In practice, the market should have opened up by then, and more manpower may be required to reverse the economic decline.
Student exchange program will become more prevalent:
Collaborations between universities and other organizations and institutions would benefit students as well as universities. Such collaborations would promote student mobility while also providing you with a high-quality education. Student exchange networks between institutions will both fund as well as promote student exchange.
How to overcome recession and its Impact
This is a major concern for the international students who are studying there. But don’t you worry if you are studying there right now. Consider the most important but often overlooked skill and start practicing it to compete for international and online opportunities. Secondly, Examine the accreditation of local institutes ang gain certifications. It will provide you competitive ROI as a student & act as a source of job interest for corporates. Last but not the least, Consider foreign internships in North America, Europe, and the United Kingdom. Foreign online internships are also available, though they are for more specific subjects but have a much higher ROI. The next 3-5 years will be difficult for institutes and students. Make sure you gear up yourself and follows these tips to live a stress free life over there.
To Conclude, as people revived from CoVid & everything became normal similarly, Recession wouldn’t last more. Later the economy will start to boom greater than usual. It will affect majorly the freshly graduates rather than those appearing now. For all applicants who are thinking about recession & its impact on study abroad aspirants like you all, remember that you will be starting the preparation now & would be flying next year. By the time, the impact of recession would have been dropped. Furthermore, you would be having more 2 years to actually step into the market to start & excel your Corporate journey.
Hope you enjoyed the blog. Do share your views and doubts in the comments below. See you soon! Good luck Study Abroad Aspirant!