Indicators are pointing to a surge in demand for international education opportunities among students who have grown weary of the Covid-19 pandemic. At the same time, currency devaluation, inflation, as well as the effects of the Russia-Ukraine war, have dampened the demand for studying abroad in some outbound markets.
What most students are looking for when it comes to studying internationally are:
- Return on their investment through clear opportunities for future employment
- The opportunity to work while studying
With the US dollar strengthening, students are also expressing concern about finances. The US dollar has recently hit the highest it has been in twenty years.
How A US Strong Dollar May Affect Student Mobility
As the dollar grows stronger, it becomes more difficult for students to study in the United States. Students, who just months ago could have studied abroad without a scholarship, now find themselves seeking financial aid. Without financial aid, many students may not be able to study in the US. They may instead opt for more affordable destinations.
The decrease in value of the Chinese and Indian currency is particularly worrying for US educators, as students from these two countries view the US as more of a popular destination in which to study.
Acumen helps universities as well as education partners explore, enter and expand into South and South East Asia. Students who want to study abroad can also find help from the Acumen team.
Educators And Mitigating The Impacts Of A Strong Dollar
Syracuse University’s College of Law’s Assistant Dean of International Programs is
Andrew S. Horsfall. Since the year 2014, he has been tracking the rates of international student exchange at least twice a year. Here are some of his insights on what educators can do to mitigate the situation:
- International recruitment strategy should be re-evaluated. The focus should shift to countries where fluctuations in currency aren’t as great.
- Tuition should freeze when currencies start to drop. Tuition reductions can be considered as well.
- The tuition rates for students who pay in foreign currencies should be locked in when they enrol. This helps prevent currency fluctuations from affecting them.
- Should it look like currency could stabilise in a few months, extend the time the concerned student has to pay their tuition.
- Students can be encouraged to make their payments in full, and early. This is especially when the decline of the value of their currency is not looking like it will slow down.
- Discount rates can be relaxed for all or for some countries.
Acumen can also help you by connecting you to the best students. If you’re looking to drive student enrollment, research collaboration or develop strategic partnerships, then the Acumen team can guide you. From providing market insights to using insights gleaned from research to find out what the ideal market for you is like, Acumen can help.
If you want your educational institution to enter a new market in South or South East Asia, then Acumen can help you to do just that.