In a growing trend, Indian students are increasingly turning to education loans to fund their dreams of studying abroad, according to the Transnational Education (TNE) Report 2024-25 released by upGrad Study Abroad. The report reveals that one in three students now relies on loans, highlighting the financial pressures of pursuing global education.
The report, based on insights from over 100,000 Indian students, shows a shift in how overseas education is funded. While scholarships and parental support remain significant, education loans have emerged as the dominant source of financing. Around 33% of students now take loans, 28% rely on scholarships, and the remainder depend on family support or personal savings.
“With tuition fees, living expenses, and rising global costs, taking loans has become a necessity rather than an option,” said an expert from upGrad Study Abroad. “Indian students are increasingly viewing education abroad as a long-term investment in their careers, rather than just an academic experience.”
The report also highlights a shift in preferred study destinations. Germany has emerged as the most popular choice among Indian students, surpassing the traditional favorites, the United States and Canada. Applications to German universities have nearly doubled in the past two years, reflecting lower tuition costs, attractive post-study work opportunities, and strong career prospects. In contrast, applications to the U.S. have seen a decline of over 13% year-on-year.
Interestingly, motivations for studying abroad are changing as well. While permanent residency was once a primary factor, now 45.7% of students prioritize career advancement and employability, focusing on return on investment and immediate professional gains. Only 19.9% of students cite migration as their main goal.
Financial experts warn that while loans make overseas education more accessible, students must plan carefully to manage repayment and long-term debt. “Taking on a large loan without understanding post-study opportunities and potential earnings can be risky,” said a financial analyst.
The upGrad TNE 2024-25 report underscores how global education is no longer just a dream for India’s affluent students. Increasingly, it is a calculated financial decision, with students willing to mortgage their futures in pursuit of better career opportunities abroad.
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