Even though there was a clear transition from traditional classroom instruction to online learning, the marketing of online degree pro programs did not lead to a decrease in tuition costs.
The lives of those close to us have been significantly impacted and changed as a result of the epidemic. Most notably, it has altered how people seek out school and altered how people borrow money for student loans. Despite the COVID-19 issue, more Indian students than ever before are deciding to pursue higher education.
During the COVID wave, there was a rise in student loan debt: The number of students enrolling in higher education climbed by Rs 12 lakhs, or 4%, between 2019 and in accordance with the All-India Survey on Higher Education, 2020. Due to this surge and the nation's rising educational costs, there has been a steady rise in the demand for student loans.
For example, at a time when many parents are seeing salary decreases at work, the rising cost of education has made it difficult for parents to invest in their children's education. Parents' finances have been further strained by the epidemic, which has increased demand for financing options to pay for educational-related expenses. According to estimates, 1 in 10 college students still had difficulty paying their tuition after their first year.
Universities had to make infrastructure investments to enable this delivery, therefore the cost was passed on to the students, which increased the need for student loans.
The number of students who want to define their careers by studying abroad is increasing, despite the epidemic. The price of studying abroad is still high. More people are likely to spend money on such expensive courses abroad in the future years. Studies predict that by 2024, foreign education spending will have increased from its present level of USD 30 billion to USD 90 billion. A rise in student outbound queries has also been observed by lenders of student loans.
Over the past two years, there has been a steady rise in the number of people enrolling in executive education programs, which suggests a growing need for executive training or up-skilling. The necessity for a highly qualified and technological workforce has grown as a result of the epidemic. Given the surge of new jobs and the creation of new methods for increasing business growth, education is the only way to remain relevant to the changing work profiles.
Today's aspirants want to better themselves, whether it is through executive education courses or short-term upskilling courses. Buy-now-pay-later finance arrangements enable 40–50% of upskilling course attendance.
The possibility of the majority of students completing their education online from home during the pandemic has led to an upsurge in students enrolling in a variety of courses.
The demand will continue to be strong because of the high cost of the most sought-after higher education programs and the fact that the majority of Indian households still place high importance on education.
