Globalisation continues to impact education, with over 6.4 million students pursuing higher education overseas this year. Prodigy Finance identified key trends influencing the study abroad landscape in 2024.
Sonal Kapoor, Global Chief Commercial Officer at Prodigy Finance, emphasised the transformative nature of studying abroad and the company’s commitment to supporting international students.
Expanding Beyond the Big Four: While the U.S., U.K., Canada, and Australia remain popular, students are exploring countries like Germany, Singapore, and Spain due to easier visa policies, unique programs, and lower living costs.
Rising Demand for Short-Term Programs: Students are opting for shorter, career-focused programs such as PGDIP or MEng, lasting from weeks to months, to gain quick and relevant skills. This trend offers universities a chance to diversify their offerings.
Multiple Applications for Diverse Destinations: According to an INTO survey, students are applying to multiple countries to maximize opportunities due to visa appointment challenges and competitive landscapes. This strategic approach serves as a backup plan.
Increase in Scholarships and Financial Aid: Universities worldwide recognize the value of international students, resulting in more scholarships and financial aid. These financial supports range from merit-based to need-based, encouraging cultural exchange and attracting high-performing students.
Cultural Experiences as a Key Motivator: An AFS survey revealed that 57% to 75% of Gen Z students are motivated by the desire for new cultural experiences. They seek study abroad opportunities to gain cross-cultural skills, which are highly valued by employers.
As global interconnectivity grows, the value of international education rises. Students are driven by academic excellence, career advancement, and personal growth. Understanding these evolving trends helps aspiring students navigate their international education journeys successfully.
Founded in 2007, Prodigy Finance has supported over 40,613 international master’s students at top universities worldwide, disbursing over $2.09 billion in funding. Prodigy’s borderless lending model allows students to secure loans based on future earning potential rather than current financial circumstances.
