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Over 57% of Indian middle-class families with a household income of 3-10 lakh showed an inclination to spend on overseas education of their children, shows Leap-IpsosStrategy3 Study Abroad Outlook Report.

The report studies the overseas education market.

“With over 57% of Indian middle classes (household income of 3-10 lakhs INR) inclined to spend on overseas education, the report further gives a critical insight of how foreign education is becoming popular with the largest segment of the Indian population," the report stated.

Respondents quoted superior education and lifestyle, global career opportunities and better salaries as the top three factors that make a destination preferable to them.

The report showed that 83% of students believe an overseas degree will enhance their prospects of securing better job opportunities and provide an edge over peer competition and talent pool.

“Fuelled by the student community's growing aspirations, the Indian overseas education market is expected to grow multi-fold and will see over 2 million Indian students fly out by 2025 spending over $100 billion on their international education. This is a huge opportunity and the sector will see a meteoric rise in demand for innovative products and services," said Vaibhav Singh, co-founder, Leap.

Reliance on education loans seems to be growing as over 62% respondents showed preference for education loans to fund their education, followed by scholarships at 53%. “The significant increase in preference for education loans is expected to boost the study abroad loan market in the coming years," the report said.

There’s a steadfast preference for on-campus education as well. “With study from home becoming the only option available during Covid, students had chosen to pick up online/ hybrid courses in the last two years. However, now 80% of study abroad aspirants have said that they prefer study from campus/face-to-face learning as it provides them an opportunity to strengthen their peer networks and adds face value to their interactions," the report said.

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