International students Financial News

Canada’s housing supply gap has shrunk marginally since last year, but the Canada Mortgage and Housing Corporation (CMHC) projects the country will still be short 3.45 million homes by 2030 in order for housing to be affordable for most Canadians.

As Canada continues to grapple with a housing crisis, the conversation is increasingly turning to international students coming into the country.

The Canadian government is likely severely underestimating the cost of living for international students when weighing if they can support themselves financially, a new survey suggests.

Canada has extended a popular Covid relief measure for international students, allowing them to work in the country after graduation, even if they haven't completed their studies in the country. The Immigration Refugees and Citizenship Canada (IRCC) has extended the distance learning measures initially put in place during the COVID-19 pandemic. These measures have significant implications for international students seeking a Post-Graduation Work Permit (PGWP). Under the extended guidelines, students who completed less than 50% of their PGWP-eligible studies outside of Canada will remain eligible for a Post-Graduation Work Permit (PGWP) until December 31, 2023. Before the pandemic, international students were required to ensure that no more than 50% of their studies were conducted online, and any time spent studying online outside of Canada did not count towards their PGWP eligibility. However, due to the restrictions on international travel brought about by the pandemic, IRCC had temporarily removed the online study restrictions for certain students. These students fall into two categories:

international students and reducing the likelihood of immediate job-seeking upon arrival, the Australian government has announced an increase in the minimum savings requirement for obtaining a student visa. As of October 1, international students will be required to demonstrate savings amounting to $24,505, a 17% surge from the previous threshold. This adjustment marks the first indexation of the savings benchmark since 2019, signifying a necessary catch-up to align with current economic conditions. The government's decision also includes the closure of a previously exploited loophole that enabled educational institutions to transition international students, who had spent less than six months in Australia, into a specialized arrangement granting them work access. The employment-focused initiative, known as the concurrent study function, witnessed a significant uptick in the initial half of 2023, reaching a total of 17,000 participants. This figure notably surpasses the combined count of approximately 10,500 from the analogous period encompassing both 2019 and 2022. Concurrent enrolments, which permit students to simultaneously register for multiple courses, have become increasingly popular among international students. These modifications to student visa requirements and work access regulations underscore the government's commitment to maintaining a balanced and sustainable educational environment for international students in Australia.

UK government unveiled plans to restrict the entry of dependants for international students. The announcement sent ripples through the academic world, capturing the attention of prospective students and professionals alike. The implications of this policy shift have sparked questions about its impact on the international student landscape and the UK's higher education sector. A substantial number of students, especially those from major source markets, opt for international study opportunities while also considering the prospect of bringing their family members along. India ranked #2 over the last few years, with 42,381 UK Dependant Visas being granted to Indians on study visas for the 2023 intake. According to ApplyBoard, India, Nigeria, and Pakistan — the three top source markets for postgraduate enrollment in the UK, are all likely to see growth step back in 2024.

Finland is looking to attract 15,000 international students a year by 2030 and increase the level of work-based migration to 30,000 per year. «The Finnish society is ageing; therefore, the country needs more young people to join the labour market,» Glenn Gassen, Director of Immigration Affairs, Helsinki, told TOI in an interview. «We see India as one of our focus countries and want to intensify our partnership,» he added. «India has a growing young population, and a lot of untapped talent and Finland has had excellent experiences with Indian students, researchers, entrepreneurs, and professionals. There is an active Indian business community across Finland, and we have seen that Indian newcomers integrate quickly and emerge very successful.» «There are open positions across many sectors, for example, the healthcare and elderly care is on a lookout for workers. Similarly, several manufacturing industries is hoping to get international skilled labour,» Gassen said. Finland attracts top talent from around the world to its knowledge-intensive industries- mostly from the US and the UK.

United States has added new degrees that will be eligible for the post graduate STEM OPT programe. The US Immigration and Customs Enforcement (ICE) and Department of Homeland Security (DHS) amended the DHS STEM Designated Degree Program List by adding eight qualifying fields of study. «The list is used to determine whether a degree obtained by certain F-1 nonimmigrant students following the completion of a program of study qualifies as a science, technology, engineering, or mathematics (STEM) degree as determined by DHS, as required for the F-1 student to be eligible to apply for a 24-month extension of their post-completion optional practical training (OPT),» the Department of Homeland Security said in a statement. In 2022, DHS published a Federal Register notice announcing the addition of 22 qualifying fields of study to the STEM list. The Federal Register notice also shared instructions for how members of the public can nominate new majors for potential inclusion on or removal from the STEM list.