In 2019, more than 7.5 lakh students from India were selected in overseas universities for higher education programs (1). However, this year, the global outbreak of COVID-19 and the resulting travel restrictions have jeopardized the aspirations of many students. Visa applications for the upcoming academic session are stalled. The SAT exams essential for admissions into many reputed universities have been canceled.
In this scenario, if you too were planning to head abroad to study, you might be at sea wondering whether to apply for an education loan now or wait a while. Here’s a look at the potential aftermath of COVID-19 on international education to find out how you can still pursue your dreams:
The emergence of online education and the need for student loans
In today’s digital age, most educational institutes have the bandwidth to tutor through virtual learning platforms. Such practices eliminate large gatherings in confined classrooms and engage students without any health hazards. Many universities around the world have already switched to an online learning mode and are considering its efficacy for potential international students.
However, to strengthen their technological infrastructure and facilitate the shift of study programs online, educational institutes might have to revise their fee structure. Nevertheless, the high costs of studying abroad should not deter you from your plans for international education. You can apply for student loan to fund your schooling in any foreign university of your choice.
Additional Read:- Will Coronavirus Exacerbate India’s Economic Slowdown?
The future of on-campus education
Laboratory-based courses like science and medicine call for practical applications of theoretical knowledge. Additionally, not every student may have an adequate setup at home for online learning, like computers and high-speed internet connections. Consequently, the entire education system cannot be migrated to a web-based platform permanently.
Interestingly, in a recent survey by a leading global education network, a vast proportion of prospective international students revealed that they would not alter their plans to study abroad despite the pandemic. Fortunately, the traditional age group of university students does not fall under the high-risk category of COVID-19. So, once educational institutes resume regular classes after the health crisis stabilizes, you can apply education loan online to seek admission into a reputed institute abroad.
The upshot on educational institutes
International students make up a significant percentage of revenue sources for universities worldwide. In the US alone, Indian students encompass 18.4% of the overseas student population . However, as a ripple effect of the pandemic, several potential students may decide to defer their admission.
In this scenario, universities might decide to be flexible in terms of admission and enrolment deadlines and application materials necessary for international students. Thus, this appears to be the perfect time to avail personal loan for students and arrange for finances to pursue your international education plans.
Now that India is under lockdown, you can utilize this time to research financial institutions offering the best deals, prepare all documentation work, and understand the education loan process. Tata Capital provides such loans at attractive interest rates. You can check your personal loan eligibility now and move ahead with your study plans once normalcy is restored.