Study Abroad Points to Keep in Mind as Recession Looms

It happened in 1975, 1982, 1991, and 2009; and now is looming in the air globally. By ‘it’, we mean recession. And by the recession, we mean precisely what it stands for—the broad-based weakness in global GDP and other economic activity. In this blog, you’ll find study abroad points that you need to keep in mind as the recession looms

One of the factors that are naturally trapped in the impact of the recession is the currency rate, inflation, and study abroad opportunities; as the tuition fees, accommodation spaces, and career opportunities face a negative for international students. One of the countries that seem to face the chances of recession is the United States of America, and for students who continue to make plans to study in the country in 2023, we have compiled some points that they shall keep in mind as they head overseas. 

Greater Work Participation for Students in Canada and Australia

One of the points to note for students who are interested in making plans to study in the USA is that while recession looms in its particular country, other countries such as Canada and Australia are making alterations to their student visa laws that allow greater work participation of students in a range of and variety of professions.  

Must Read: Why Should You Choose to Study in Canada over India?

Part-Time Job May Boost Chances of Employment Later 

It is also to note that though adding a supplementary source of income is a great step, it is also recommended that you go for part-time jobs as they add value to your work experience and add on the concentration of practical skills that further allows you to land permanent employment in the future. 

Must Read: Part-Time Jobs While Studying Abroad

Go For Canada, the UK, and European Nations

Next, the fact of the INR (Rupee) falling and weakening in front of the dollar has made the matter escalate to higher interest rates on student loans. Therefore, it is advised that students who are aspiring to travel overseas to study abroad opt for other study-abroad destinations that are largely unaffected such as the United Kingdom, European nations, and Canada. As mentioned in the previous points, Canada has even made changes in their student visa that now allows increasing work participation for international students. 

Must Read: Scholarships for Indian Students to Study in UK

Opt for Dollar-Denominated Loans

Furthermore, another study abroad points to keep in mind is that we need to talk about the student debt burden and the path to extinguishing it through taking dollar-dominated loans. Experts say that it is a good way to decrease/reduce the high cost of studying/living in foreign universities, as loans that are dollar-dominated are immune to currency fluctuations. 

Must Read: What is the Student Loan Eligibility Criteria for Studying Abroad?

Book Accommodation On-Time 

With the way recession looms in the economic environment, adjusting and acquiring accommodation is going to be harder for international students with higher prices and limited seats/spaces. In this case, it is recommended that the sooner international students book accommodation in and around their respective university campuses, the better prices and facilities they are going to be provided with. 

Must Read: Accommodation Struggles for International Students and How to Manage Them?

Study Abroad Points: Take A fixed-Rate Loan 

Related to the point of financial loans taken by international students to cover their academic tuition, experts recommend that it is better for students to take a fixed-rate loan instead of a variable one. This is because of the uncertainty that follows the occurrence of a recession in the United States of America. 

Must Read: Loans to Study Abroad

With that, we have enclosed some of the major points to keep in mind for students heading overseas as the recession looms. We hope we were able to help you out on your journey of study abroad. If you have any further questions about studying abroad at foreign universities, you can always contact Leverage Edu experts for guidance and the right direction. Call us immediately at 1800 57 2000 for a free 30-minute counselling session.