Study In India Vs Abroad, Cost, Opportunities, Salary & Scams - University Living |FO219 Raj Shamani

Why Are So Many Students Going Abroad for Education?

Trends in Indian Students Studying Abroad

• A significant number of students from India are pursuing education abroad due to increased financial capability, aspirations, and the need for more universities to accommodate the growing student population.

• The average cost for an Indian student studying abroad ranges from 40 to 50 lakhs per year, while those studying in India spend about 3 lakhs. Graduates returning from abroad can earn between 6 to 8 lakhs annually.

• The U.S. is perceived as a top destination for higher education, with many successful Indian professionals leading Fortune 500 companies after studying there.

Changing Mindsets and Opportunities

• Over the last decade, there has been a notable increase in students considering studying abroad; however, it raises questions about whether their mindsets truly change through this experience.

• Challenges faced by students abroad include scams and adjusting to new environments; discussions on how to navigate these issues are essential.

Insights from Experts

• The podcast features Saurabh Arora (Founder & CEO of University Living) and Mayank Maheshwari (Co-founder & COO), who share insights on the trends of Indian students going overseas for education.

Factors Influencing Study Abroad Decisions

• There is a growing trend among Indian students wanting to study abroad not just for quality education but also due to societal pressures and perceptions regarding foreign degrees being superior.

• Three main reasons driving this trend include:

• Aspirations fueled by exposure to Western culture through media.

• Increased financial resources available for families today compared to previous generations.

• A significant gap in educational infrastructure within India necessitating more universities.

Socio-political Environment and Cultural Perceptions

• The socio-political environment is changing; people now have greater access to information about opportunities available globally, which influences their decisions significantly.

• Despite some lingering biases towards Western institutions, the primary motivation remains rooted in aspirations for better educational outcomes and career prospects.

Conclusion: Navigating New Opportunities

• As families encourage children to step out of their comfort zones, understanding the value of money becomes crucial. This shift not only impacts individual lives but also transforms family dynamics across generations.

Independent Living and Education Choices

Importance of Independence

• The speaker emphasizes the significance of independence, sharing personal experiences of never having done household chores while living at home. This reflects a common mindset where financial constraints lead to a desire for freedom and self-sufficiency.

Financial Considerations in Education

• Studying abroad is portrayed as not being as expensive as it seems due to scholarships and financial aid options available. Early planning can yield discounts on fees, making education more accessible.

Exploring Educational Opportunities

• The speaker encourages exploring both Indian and international universities without preconceived notions about limitations. They stress the importance of valuing merit over location when choosing courses or institutions.

Cost Differences in Education

• A comparison is made between studying at Gokhale College (12-20k INR per year) versus LSE (5 million INR per year). The difference highlights the potential exposure gained from international education despite higher costs.

Exposure and Networking Benefits

• Studying abroad offers significant exposure by interacting with diverse cultures, enhancing personal growth, political understanding, and networking opportunities that shape one's personality and career prospects.

The Value of International Education

Practical Skills vs. Theoretical Knowledge

• Many top-ranking students in India may excel theoretically but lack practical skills. The speaker questions whether a Harvard graduate would outperform an IIT graduate, suggesting that curriculum relevance plays a crucial role in skill development.

Initial Job Market Comparisons

• Graduates returning from abroad may not see immediate salary benefits compared to local graduates; initial job levels often remain similar regardless of educational background until soft skills develop over time.

Soft Skills Development

• As individuals progress into managerial roles, soft skills become increasingly important for leadership effectiveness. These skills are often better cultivated through diverse educational experiences abroad.

Cultural Exposure Through Study Abroad

Learning Beyond Academics

• The speaker notes that studying abroad provides unique learning opportunities such as crowdfunding practices which are less common in India, highlighting gaps in the local education system's approach to practical knowledge.

Preference for International Experience

• Employers tend to favor candidates with international experience due to their broader perspectives gained from studying abroad, which enhances their adaptability and problem-solving abilities in various contexts.

Networking Opportunities While Studying Abroad

Building Global Connections

• Attending university with students from different nationalities fosters valuable networks that can lead to business opportunities or improved job prospects across borders.

Diversity Enhances Learning Experience

• Engaging with peers from varied backgrounds enriches the learning environment by exposing students to different viewpoints on problem-solving and business strategies essential for global operations.

Traveling for Personal Growth

Travel as a Learning Tool

• The speaker shares their passion for travel as a means of personal development, emphasizing how solo travel allows one to meet new people and explore diverse places beyond familiar environments.

Education Abroad vs. India: A Comparative Analysis

The Value of Studying Abroad

• The speaker discusses the advantages of studying abroad, emphasizing that students from various backgrounds (wealthy, scholarship recipients) gain exposure and opportunities not typically available in India.

• New universities in India are emerging, but the speaker warns against overexposure and emphasizes the importance of realistic expectations regarding part-time work while studying abroad.

• A comparison is made between average universities in India and those abroad, suggesting that graduates from foreign institutions tend to earn significantly higher salaries upon returning to India.

Cost Considerations

• The financial implications of education are highlighted; studying at an average university in India can cost around 10-12 lakhs for undergraduate studies, while similar programs abroad may total 30 lakhs or more when considering living expenses.

• The speaker notes that internships in India often do not provide financial compensation, contrasting with opportunities available to students studying abroad.

Skills Development and Career Opportunities

• Emphasis is placed on the lack of practical skills gained through traditional education in India compared to experiences abroad which foster essential life skills and professional growth.

• The speaker shares personal experiences about how their MBA provided a grooming environment that was beneficial for career development after returning from studies.

Long-term Benefits of International Education

• Graduates from international universities are perceived as having better job prospects due to increased opportunities over time compared to their Indian counterparts.

• Exposure to diverse cultures and nationalities while studying abroad is seen as a significant advantage for personal and professional networking.

Student Experiences: Domestic vs. International

• Students who attend prestigious institutions like Harvard or MIT have clear goals regarding their education paths, leading to focused discussions about course selection and faculty engagement.

• There’s a distinction made between students who pursue education for prestige versus those seeking genuine learning experiences; this affects their future success.

Cultural Impact on Personal Growth

• The discussion touches on how cultural exposure influences student behavior; some students become more responsible after experiencing life independently abroad.

• There's a recognition that societal pressures exist regarding marriage prospects tied to educational achievements, particularly among female students who may seek international experience before settling down.

The Impact of Discipline and Accountability in Life

Importance of Self-Management

• Managing everything on your own instills discipline and accountability in life, leading to personal growth.

Observations on Social Behavior

• Many individuals, including relatives and friends, tend to improve their behavior when exposed to different environments, realizing the limits of their previous lifestyle.

Realizations from New Experiences

• People often come to understand that regardless of their status or wealth, they are not superior; everyone shares similar experiences in unfamiliar settings.

Shift in Perspective on Materialism

• Exposure to diverse backgrounds helps individuals realize that material possessions do not define one's worth; comfort becomes more important than brand names.

Status and Education Choices

• Families often push children towards prestigious universities for status, even if the students feel inadequate due to lower grades compared to peers aiming for top institutions.

Navigating University Admissions

Challenges with Admission Criteria

• Marks are just one criterion for admission into prestigious universities like LSE; many students struggle with meeting these academic standards despite aspirations.

Variability in University Standards

• Some universities have less stringent entry requirements yet maintain good branding, making them accessible while still offering quality education.

International Student Dynamics

• The presence of international students is crucial for many universities' survival; without them, several institutions may face closure due to financial constraints observed during the pandemic.

Value Beyond Academic Scores

Holistic Evaluation in Postgraduate Studies

• In postgraduate programs, experience and skills can outweigh mere academic scores. Applicants are evaluated based on their overall profile rather than just grades.

Prestige and Access Challenges at Top Universities

• Gaining admission into elite institutions like MIT or Harvard is challenging due to high competition. Merit-based admissions become complex when considering legacy admissions or sponsorship opportunities.

Financial Implications of Elite Education

• Attending prestigious schools often comes with a significant financial burden. Scholarships from business houses can provide access but also create disparities among applicants based on background connections.

Institutional Profiles and University Admissions

Overview of Student Backgrounds

• The discussion highlights that many students from prestigious colleges, such as Ivy League institutions, have backgrounds that include education from top universities like Stanford and Harvard.

• Profiling is considered a criterion for university admissions; however, the speaker believes it should not be the sole factor since diverse perspectives can enrich the academic environment.

Importance of Holistic Profiles

• Modern students are increasingly aware of the need to differentiate themselves through unique experiences and skills beyond just academic performance.

• Students are encouraged to start building their profiles early, focusing on both academics and extracurricular activities to enhance their chances of admission into elite universities.

Financial Considerations in Admissions

• The conversation touches on financial aspects, noting that tuition fees for top universities can be substantial (around 70 lakhs), which raises questions about accessibility for average students.

• There is skepticism regarding guarantees of admission based solely on financial contributions or connections; no one can assure acceptance into top-tier institutions.

Application Strategies and Consulting Services

• The role of consultants in helping students build profiles and apply to various universities is discussed. However, there’s an emphasis on the lack of guaranteed outcomes despite professional assistance.

• Consultants may have insights based on past successes but cannot promise specific results due to varying internal criteria at different universities.

The Appeal of Studying in the U.S.

Job Opportunities Post-Graduation

• The U.S. remains a favored destination for international students due to its job opportunities post-graduation, particularly in sectors like IT where many Indian graduates find success.

Comparison with Other Countries

• When comparing educational systems globally, the U.S. stands out with over 4,000 universities offering diverse opportunities compared to fewer options in countries like the UK or Canada.

Perception Challenges Facing Other Countries

• The speaker notes a shift in perception regarding studying abroad; while once popular destinations like the UK had strong appeal, they now face challenges due to changing market dynamics and perceptions about quality.

Trends Affecting International Education

Changing Dynamics in Global Education Markets

• Historical trends show fluctuations in student preferences for study destinations; countries rise and fall in popularity based on perceived value and opportunity.

Political Influences on Education Choices

• Political factors also play a significant role; changes in immigration policies or economic conditions can impact international student enrollment patterns significantly.

This structured summary captures key discussions from the transcript while providing timestamps for easy reference.

Understanding Student Migration Trends

Opportunities in the UK for Indian Students

• The UK has opened pathways for students to stay longer, allowing them to search for jobs for up to two years after graduation, with potential earnings of £19,000 to £25,000.

• There are concerns about some students being exploited by bad actors who misrepresent study opportunities as immigration routes.

Shifts in Student Preferences

• Recent elections in the US, UK, and Canada have slowed student applications; many are now considering Germany and Ireland due to more stable graduate schemes and post-graduate visas.

• Australia had liberal policies post-pandemic but has since tightened its graduate scheme, making it less appealing compared to other countries.

Economic Considerations of Studying Abroad

• Studying in the UK remains economically favorable compared to India; part-time work options exist but may not be available for all students.

• Top universities like Oxford and Cambridge attract international students due to their reputation and quality of education.

Utilizing AI for University Selection

• An AI-powered model has been developed that helps prospective students find suitable universities based on their profiles and academic backgrounds.

• This tool can provide insights into which universities align with a student's qualifications and financial considerations.

Challenges Faced by International Students

• After admission, one major challenge is finding accommodation; on-campus housing is limited, leaving many students uncertain about where to live.

• Many international students face difficulties adjusting after arriving abroad; issues often arise from unexpected living costs or unsuitable accommodations.

Common Scams Targeting Students

• A prevalent issue is misleading advertisements promising affordable housing that doesn't materialize once the student arrives at their destination.

• Students often rely on counselors or university recommendations but may end up with inadequate housing options due to high demand versus supply.

Financial Misconceptions Among Students

• Many students have unrealistic expectations regarding rental prices near universities; they often seek amenities within a tight budget without understanding local market rates.

• Scams frequently occur when deposits are taken under false pretenses or when landlords disappear after securing payments.

Housing Trends and Costs for Students

Overview of Housing Challenges

• Discussion on the cancellation of deposits and the emotional toll it takes on students, highlighting a common issue faced by many.

• Mention of various scams related to housing, emphasizing the need for vigilance among students seeking accommodation.

Cost Comparisons Among Major Cities

• Analysis of the most expensive cities for student housing, with Vancouver, London, Hong Kong, New York, and Boston identified as top contenders.

• Explanation that demand and supply dynamics significantly influence rental prices in these cities.

Insights into Education and Living Spaces

• Commentary on lesser-known cities in Australia that offer educational opportunities but may not be widely recognized.

• Notable increase in demand for housing post-pandemic across various countries; Australia had a delayed influx due to prolonged border closures.

Detailed Cost Breakdown

• Ranking of expensive cities: Vancouver (Canada), Boston (USA), Sydney (Australia), London (UK), and Dublin (Ireland).

• Comparison of one-bedroom apartment costs between Mumbai and Vancouver; Mumbai's rates range from ₹40,000 to ₹55,000 while Vancouver's are significantly higher at around $1200-$1500 per month.

Strategies for Affordable Housing

• Suggestions on how students can find cheaper accommodation options by exploring shared living arrangements or studio apartments.

• Emphasis on early booking strategies to secure better deals; starting the search 90 to 150 days before check-in can lead to significant savings.

Final Recommendations

• Advice against relying solely on university halls for accommodation; encourages exploring multiple options early in the admission process.

• Urges students to apply for accommodations as soon as their university admission is confirmed to avoid price hikes later.

Accommodation Booking and Visa Policies

Importance of Immediate Booking

• Once confirmation from the university is received, immediate booking of accommodation is advised to save up to 30-40% on prices. However, a confirmed letter from the university is essential for this process.

Cancellation Policies

• There are flexible cancellation policies in place, allowing students to cancel their accommodation within a specified time limit without losing their security deposit if they do not receive a visa.

Refund Process

• If a student cancels within the cancellation period, they can receive a 100% refund of their deposit. This policy ensures that students are protected financially if their visa applications are unsuccessful.

Housing Crisis in Canada

• The housing crisis in Canada has been exacerbated by an influx of international students due to relaxed immigration policies post-pandemic. This sudden increase was not anticipated, leading to insufficient housing development.

Student Experiences During the Crisis

• Many international students have resorted to knocking on doors for rental accommodations as they struggle to find places to stay. This situation has caused distress among Canadian citizens who feel uncomfortable with such approaches.

Expectations and Trends Among International Students

Changing Rental Expectations

• Students often consult relatives about living costs based on outdated expectations; for instance, someone might expect rent similar to what it was five years ago ($400), which may no longer be realistic.

Regional Trends in Applications

• Punjab leads in sending students abroad, particularly for studies in countries like the US and Canada. Telangana also shows significant numbers applying for overseas education.

Cultural Influences on Migration Patterns

• The migration patterns reflect cultural ties; Punjabis historically moved first to the UK and then expanded into Australia and Canada. These trends have created established communities that facilitate further migration.

Community Dynamics and Preferences

Language and Community Integration

• In Canada, Punjabi is widely spoken alongside English and French due to the large number of Punjabi immigrants. This linguistic presence fosters community support among newcomers.

Diverse Migration Routes

• Various Indian states contribute significantly to international student populations: Maharashtra focuses on the US while Gujarat sees many heading towards both the US and Australia due to established networks there.

Geopolitical Factors Affecting Choices

• Historical ties influence preferences; countries where British colonial rule was prominent (like Nigeria preferring the UK or France) see higher application rates from those regions compared to others.

Why Do French Colonists Apply Cultural Patterns in Goa?

Discussion on Price Sensitivity and Negotiation

• The speaker discusses the cultural patterns of price sensitivity among Indian consumers, suggesting that negotiation is ingrained in their behavior.

• It is noted that this tendency can lead to disadvantages, as consumers may delay booking until the last moment, resulting in higher costs.

Trends Among High Achievers

• The conversation shifts to trends observed among high achievers, indicating that successful individuals often set the tone for broader societal behaviors.

• A notable trend is the rise of online skill upgrading, where individuals seek additional education beyond traditional degrees.

Online Education vs. Traditional Executive Programs

• The speaker highlights a growing preference for short-term intensive learning experiences over lengthy executive education programs.

• This shift reflects a desire for practical skills rather than formal qualifications, emphasizing the importance of real-world application.

Global Student Mobility and Economic Factors

• There’s an exploration of how economic factors influence students' decisions to study abroad, with increasing numbers believing they can afford international education.

• The discussion includes statistics about student mobility from India and how awareness has increased regarding opportunities abroad.

Cost Analysis for Studying Abroad

• An analysis reveals that students spend between $46,000 to $50,000 annually when studying in countries like the USA.

• Breakdown of expenses shows tuition fees averaging around $25,000 with additional costs for accommodation and groceries contributing significantly to overall spending.

Financial Considerations: Loans and Expenses

• Students typically require loans ranging from 50 to 70 lakhs INR; however, they can secure around 55 lakhs through educational loans.

• Interest rates on these loans vary based on collateral; non-collateralized loans tend to have higher interest rates compared to those secured by assets.

Loan Repayment Challenges

• Discussion on repayment terms indicates that most educational loans are structured over 10 to 12 years but depend heavily on institutional approval.

• The conversation concludes with insights into how students manage repayments post-graduation based on their chosen institutions and fields of study.

University Employment and Job Market Insights

Employment Aspects for Graduates

• The discussion highlights the importance of employability aspects when attending university, noting that students often face a grace period of two to three years post-graduation before they need to start repaying education loans.

• It is mentioned that if graduates do not secure jobs within this timeframe, they are not immediately required to pay back their loans, alleviating some financial stress during job searching.

Loan Repayment Conditions

• The speaker explains that while there is no immediate repayment obligation, interest may accumulate on education loans, which can lead to higher costs in the long run.

• Default rates on education loans are relatively low (around 3.4%), suggesting that most graduates eventually find employment within a year.

Opportunities in Various Countries

• The conversation shifts towards countries with favorable work permits for international students, specifically mentioning Canada, France, and Germany as top choices.

• Germany offers free public universities and five-year work visas for graduates, making it an attractive option for Indian students seeking education abroad.

Job Market Dynamics in Europe

• Ireland is also highlighted as a viable destination due to its job opportunities despite being a smaller economy compared to France and Germany.

• The speaker emphasizes the positive atmosphere in Dublin and suggests that many Indian students are successfully finding jobs there.

Education Accessibility in Europe

• There are claims about numerous universities in Italy offering free education; however, concerns about the legitimacy of such programs arise.

• The need for more globalized educational systems is discussed, with emphasis on how countries like Germany want to attract international talent through quality education.

Challenges Faced by Students

• While discussing public universities' affordability (around ₹1 lakh), it’s noted that limited seats make admission competitive.

• Some consultants guarantee admissions regardless of academic performance but may mislead students regarding actual opportunities available abroad.

Language Requirements and Preparation

• For studying in Germany or Austria, proficiency in German is necessary; thus language courses become part of the preparatory process before enrollment.

• There’s caution against relying solely on consultants who promise easy admissions without addressing language barriers or skill requirements needed for successful integration into these educational systems.

Understanding Safety in Student Accommodation

The Reality of Safety Concerns

• Discusses the perception of safety issues in different countries, emphasizing that misunderstandings can lead to unnecessary fear.

• Highlights that while incidents occur globally, media coverage often exaggerates these events, particularly in India and the US.

• Mentions the importance of listing properties maintained by professional entities located in safe areas as a measure to ensure student safety.

Property Selection Criteria

• Explains that all listed properties are situated in public areas with good access to transportation, which is crucial for attracting tenants.

• States that 95% of properties have verified images and videos available, allowing potential tenants to gauge room sizes accurately.

Business Model Overview

• Describes a premium model where students do not pay directly; instead, accommodation partners compensate the service provider.

• Introduces the concept of "concierge services" for students with specific needs or requirements beyond standard accommodations.

Unique Selling Proposition

• Addresses how this service stands out from competitors by offering cashback on discounts when booking through their platform.

• Emphasizes being a one-stop shop post-admission without charging extra fees while providing comprehensive support throughout the year.

Customer Support and Engagement

• Highlights a commitment to customer satisfaction by ensuring easy communication through various channels (phone/email).

• Conveys confidence in their multilingual team’s ability to assist clients effectively at any time.

Call to Action and Feedback Request

• Encourages viewers to provide feedback on the episode for continuous improvement and better value delivery.

• Urges sharing the episode with others who may benefit from understanding international education opportunities.