Over a span of a few decades, Overseas Education has established itself as one of the fastest growing industries in the world. Although the emergence of a global pandemic has resulted in a halt in this field, the impact that Overseas Education has created cannot be denied. It has played an important role in cultural merger of nations, job prospects and quality education along with serving as a major cause as well as impact of globalization.
Let us look through some of the major impacts that Overseas Education has created around the world.
Economy: Overseas Education contributes a major portion of the world economy as well as to the economies of individual nations. With an increasing number of students opting for studying abroad, the share of the world economy of the same also keeps growing. For instance, in the recent census of the US Department of Commerce, 2018, it was revealed that International Students contributed $45 billion to the US economy, much of it from tuition fees and the living expenses of these students. In 2019, $44 billion in the US economy was from International Students, with $7.6 billion from Indian students alone.
In the UK, a 2019 study by HEPI and Kaplan International Pathways disclosed that a single cohort of International Students contribute £3.2 billion to the UK economy over 10 years condiering only the tax payments.
India and China contribute a major part of this share as an unreal number of students opt for overseas education from these two countries. In China as well, overseas education forms a considerable part of their economy.
Culture: The practice of Overseas Education has enabled students to travel across the world and get familiar with different societies, people and their cultures. It has helped them to understand the concept of Global Village by bringing together different communities. An increasing number of overseas students has also helped in the improving the political relations between nations as different countries have joined hands to provide a better future to the future generations.
Job Prospects: Overseas Education has increased the quality and quality of education for people. Students tend to study abroad for they believe that the opportunities for knowledge and experience are better in a foreign country. For students who travel to foreign nations to study and subsequently start earning, the job prospects for them has undoubtedly been better. A global perspective and mind-set helps students to consider different factors before taking decisions. They understand and take actions with responsibility which helps them secure their future.
Honing Language Skills: Opting for Overseas Education enables students to learn different languages, or even different dialects and expressions of the same language. Learning a foreign language while residing in a nation where the language is prevalent, provides greater exposure and discovery. A reprised knowledge of language also helps students in better communication skills and understanding other people's views.
The other impacts of Overseas Education includes the increased quality of education and better training and experience. By the time a student finishes the course abroad, they garner a whole new understanding and perspective, view of culture and societies and a willingness to learn.