International Students in USA Against the Recession - What to Expect?

A recession means a temporary decline in the country's GDP. During this time, economic activities, including import, export, and industrial, have a massive contraction. Generally, the Recession lasts more than a few months. Almost every industry, including education, faces the Recession's impact. Also, it causes a rise in the price of products, leading to higher living costs.

According to the survey by the Financial Times and the Initiative on Global Markets, it is assumed that the US will face a recession in 2023. Though it is difficult to predict how long the Recession will continue. According to the National Bureau of Economic Research (NBER), the US faced an economic shock and was in Recession due to COVID -19 pandemic. The widespread disruption of global and domestic supply chains has damaged almost all industries. COVID is one of the primary reasons for the Recession in the US and other parts of the world. This beings new difficulties for international students as the high cost of living can make it difficult for international students even with scholarships in USA.

The Recession in the US is the reason for the rise in tuition fees and living costs for international students. A few challenges that study-abroad aspirants might face due to the Recession are mentioned below.

Education will become expensive

Generally, US universities increase international student tuition fees to continue the profit and survive in the Recession. Due to this, many international students are unable to study in USA. While some face the burden of paying the debt taken to afford education in the US.

However, some US universities might not increase their tuition fee. But still, the fees would be higher for the students considering the inflation. This would be even more difficult for international students as compared to domestic students, as they have to pay higher fees.

The average tuition fee for undergraduate international students in USA is between 8,000 USD to 40,000 USD, and for postgraduate, it is between 10,000 USD to 60,000 USD. However, in the coming years, this price might go higher. Many banks have also increased the interest rates on education loans.

Increased living cost

As the Recession starts, inflation will occur. Inflation leads to a higher cost of living. The cost of basic necessities, travelling, and accommodation will increase. This could be a harder situation for international students to survive in such a developed country, and that too with inflation. The students might require more money in the coming years for their living costs. The estimated living cost in the US for an international student is around 1,000 USD to 1,500 USD per month. This cost of living might increase in the coming years due to inflation.

Difficulty in finding a job

Due to the pandemic and inflation, many industries were shut-down, and the country's economy gets disturbed. During this time, many experienced people have lost their jobs. While some had to work at a very low salary. This might create panic among international students, especially fresher ones. Since during this time, there would be a higher unemployment rate and fewer chances of getting a job in big MNCs.

Though none of the Recession's drawbacks is in our control, they are pretty uncertain. Still, the students can take some measures to overcome the challenges faced during the Recession.

• The students can prefer to study in areas where there are more chances of getting a job related to their field. You must check the skills and knowledge required to apply for a job related to your field of education. Also, look for cities in the US where there is more demand for that type of job. 

• Try to connect more with people and increase your network. This might help you while searching for a job. Through your connections, you will know about the companies hiring at a good package.

• During your study time, try to find a part-time job as soon as possible. This will help you to bear your basic expenses. Part-time jobs will ultimately help reduce financial strain and will help you survive inflation. Also, part-time jobs will give plenty of real-world experience to students.

• Do not waste your time only searching for jobs. After completing your graduation, when you cannot find a job, you must pursue any short-term courses related to that field and search for jobs side by side. Pursuing vocational courses is a good idea as it upskills your knowledge and thus will increase your chances of getting a job.

• Some students might complete their education in a city with less job scope. So after completion of their graduation, they must try to move to another city where there is a huge scope of jobs. You must be ready to accept the change.

Moreover, the students who wish to study abroad may contact our expert counsellors at any branch of Meridean Overseas Education Consultants (MOEC). Our expert education counsellors will give you the best guidance and support for taking admission in the US summer intake and for the US visa process. You can also take free online counselling from our counsellors through our website. For more information or any queries, you can mail us at application02@meridean.org or call us at our toll-free no. 1800-1230-00011.