Around 83% of students consider the high cost as the major hindrance to pursuing higher education in foreign countries. The MPOWER Financing, a fin-tech firm, has released the data as a part of Social Impact Report.

The firm itself provides no-cosigner loans and scholarships to meritorious students from across the world. The findings of the report related to the finances and it's role in international students and education scenario has been evaluated from 4,943 students from the organization’s CRM system.

The organization produced the the Social Impact Report in partnership with Rajika Bhandari, an international HE expert and author of 'America Calling: A Foreign Student in a Country of Possibility'.

The major findings mentioned below:

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  Around 83% of students consider cost as the biggest barrier to foreign education and 91% reported that the availability of a financial aid helped them in pursuing their education overseas. Around 79% of these students who participated in the survey were from Global South (emerging) Nations.

  
  


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  International students also contribute notably to the civil society and economy in Canada and the U.S. after completing their HE.

  
  


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  International students also impact economically on their host countries during their education.

  
  

The report concludes with a prompt for HE institutions, the private sector, and policymakers to improve the global education access.

Some suggestions for appropriate action include:

The Universities and colleges should consider a comprehensive series of financial supports for students, including financial aids, scholarships, and cross-border student loans.

Some immediate changes in mmigration reform are also needed in the U.S. to charter an unambiguous pathway between HE and skilled immigration so that the economic impact of international students can be maximised.

Source: livemint.com