International students contributed almost $27 billion to the US economy in 2014, a 12 percent jump from the figures of 2013. More and more people for higher income developing countries are looking to make the most of the many scholarship programs and educational opportunities abroad. Upper-middle-income countries have led the charge and have sent more students to study abroad than before. There have been significant shifts from the massive 2008 financial crisis.
Spending on education is on the up and up. Research states that by 2017, the global middle class will increase its spending on education products and services by almost 50 percent to reach $ 6.2 trillion, seriously mammoth figures. The mobility of international students has only increased since 2008, with countries hosting these students rolling out some amazing options this trend only seems to be growing. The UK, Canada and Australia have, to a great extent, understood the importance of international student education. For the US, however, this process seems to be taking some time.
Low and middle income countries on the rise
Countries with low and middle income trends are some of the frontrunners in driving student outbound mobility. Students going abroad to study from these economies jumped by 161% between 2000 and 2012, as compared to only 29% by OECD countries. Russia, Saudi Arabia, Singapore as well as the UAE have increased the number of students they send to study abroad primarily because of government scholarship initiatives. Despite the economic crisis of 2008, the number of international students increased in the US by 42% between 2008 and 2014. On the other hand UK has been seeing a fall in international Student Recruitment numbers because of stringent guidelines for visa. Canada continues to steadily increase its international recruitments and extends its upward trajectory. In fact, Canada has emerged as one of the most affordable study destination among the big four English speaking countries. Tuition fees and living costs average 29% lesser than in Australia, the most expensive study destination.
Driving international student recruitment
Self-financed students accounted for 60% of the total international student recruitments in 2003-04, but have upped to almost two-thirds of the total today. During this period the number of students receiving scholarships and funding quadrupled to 66,147. Higher education funded by an employer too saw a rise from 10,000 to 50,000. There is a strong consumer demand and added to that partnerships with universities abroad have been seen as some of the biggest drivers of international student recruitment.
China, India and Saudi Arabia account for over 80% of the more than 8% annual growth of international students in the US. Chinese students are supposed to have the best financial means to attend a US college, Saudi students too are financially well off but may or may not be supported by the government, Indian students however rely the most on loans and financial aid. Public institutions absorb 64% of the total international student recruitment in the US.
International students have become a crucial cog in the economical machinery of some of the biggest countries in the world. This industry deserves the attention it is getting today and will continue to do so as students from developing countries around the world will flock here to study. Having said that new education destinations are on the rise, China for one has been making great efforts to ramp up its education infrastructure. All in all, exciting times lie ahead for the education industry.
The post International Student Recruitment Trends in 2015 appeared first on HUE.