Primary source of funding for international students is increasingly shifting towards personal and home university/government resources. Majority of international students in general fund most of their education through personal resources. Sixty-three per cent of international students in the US reported “Personal and Family Funds” as the primary source of funding in 2010/11 (IIE Open Doors).
However, the recessionary effects have further increased the value of “self-financed” international students who are not dependent on financial aid from US university or government. Number of international students indicating “Personal and Family Funds” and “Home Government/University” increased by nearly 41,000 in 2010/11 in the US. In contrast, number of students indicating “U.S. College or University” or “U.S. Government” declined by over 1,200 students.
This clearly indicates that budget cuts and fiscal austerity has compelled several institutions to cut financial aids as they increasingly expect international students to bring-in financial resources. Another major implication is that student mobility will depend on cost and ease of availing loans in home country. For example, Indian Rupee has depreciated over 18 per cent as compared to US Dollar in past one year directly making the cost of study abroad expensive.
Dr. Rahul Choudaha