Prodigy Finance Reports Rising Trends in Study Abroad for 2024

Prodigy Finance, a leading provider of international student loans, is excited to share insights into the rising trends for students studying abroad in 2024. Globalisation has been, and still is, reshaping the educational landscape and more students are exploring opportunities beyond their home countries. The number of students pursuing higher education overseas has steadily risen in recent years, reaching over 6.4 million as of 2024.

"Studying abroad can be a life-changing experience. With the growing number of students seeking international education, we are committed to supporting students from all over the world in making that journey possible," said Sonal Kapoor, Global Chief Commercial Officer at Prodigy Finance.

1. Students are going beyond the Big 4

While traditional study-abroad hubs like the United States, the United Kingdom, Canada, and Australia remain popular, students are increasingly exploring newer destinations for their studies. Countries such as Germany, Singapore, and Spain are witnessing a surge in international student enrollments. Students are considering these locations due to easier visa policies, unique programs, and a lower cost of living. 

2. More demand for short-term programs

Students are becoming more strategic with their program choices. There is more focus on shorter programs that provide them with career-ready education and skills. These courses, like PGDIP or MEng, can range from a few weeks to several months. Even students who have already graduated seek additional short courses for upskilling themselves. This serves as a great opportunity for universities to expand their offerings to serve the in-demand courses. 

3. International students are “hedging their bets”

As per the survey by INTO, students are now submitting multiple applications to diverse potential destination countries to maximise their chances of getting the best opportunity. There are several reasons for this trend. In some countries, it's hard to get visa appointments, or there are long delays in visa decisions. Also, with the rising competition coupled with a lack of clarity about the evolving landscape, students are preparing a backup plan in case their top choice doesn’t work out.

4. Increased scholarships and financial aid

Universities around the world are recognising the value that international students bring to their campuses. This has led to a rise in scholarship and financial aid opportunities. These scholarships, ranging from merit-based to need-based and subject-specific, help students offset the costs of overseas education. Even many countries have introduced government scholarships specifically for international students to attract high-performing students and foster cultural exchange.

5. New cultural experiences as the main motivation factor

In a survey by AFS global research report, 57% to 75% of GenZ respondents indicated that their main motivation for studying abroad was to seek out new cultural experiences. They are more likely to seek out study abroad opportunities that provide them with cross-cultural skills and knowledge. They also understand that study abroad experiences are highly valued by employers and are more likely to highlight their international experiences on their resumes and in job interviews.