Indian students aspiring to study in Canada are facing a significant challenge this year, as approvals for study visas are expected to decrease dramatically. A recent report from ApplyBoard indicates that study permit approvals could drop by nearly 50%, returning to levels not seen since 2018 and 2019. This stark decline is attributed to stricter immigration policies and increased financial requirements imposed by the Canadian government.
According to the report, Canada is projected to approve approximately 231,000 study permits for international students in 2024. This is a substantial reduction from the 436,000 permits approved in 2023. The anticipated 39% decline in global applications for Canadian study permits reflects a broader trend influenced by new regulations and financial hurdles.
The report highlights that in the first half of 2024, approvals for study permits from India have halved compared to the same period in the previous year. This trend suggests that the overall number of approvals for the year could fall short of the Canadian government's target of 364,000, based on a cap of 606,000 applications. Originally, the target was set at 485,000 new international students for 2024, but adjustments have been made in response to policy changes and the evolving economic landscape.
One of the key factors contributing to the decline is the increase in financial requirements for international students. In December 2023, Immigration Minister Marc Miller introduced new regulations mandating that students show proof of having at least $20,635, up from the previous requirement of $10,000 that had been in place for two decades. This change aims to reflect the rising cost of living in Canada and curb the growing number of international students.
Additionally, in January 2024, the Canadian government announced a cap on the growth of international student numbers for the next two years, leading to a predicted 35% reduction in student intake for 2024 compared to the previous year. The new policies have made Canada seem less welcoming to prospective students, causing many to defer their applications or consider alternative study destinations such as the United States, Germany, and France.
The impact on Indian students, who make up a significant portion of Canada's international student population, has been particularly pronounced. Between January and June 2024, approvals for postgraduate programs, including master's and doctoral studies, also saw a notable decrease. The number of study permits approved in this period was down by 48% compared to the same timeframe in the previous year. The second quarter of 2024 witnessed a 54% reduction in processed applications compared to the previous year.
Jeffrey MacDonald, a spokesperson for Immigration, Refugees and Citizenship Canada (IRCC), confirmed that early indicators show the impact of the new cap on study permit volumes. While approvals and applications have dropped significantly in the first half of the year, it is still too early to fully assess the overall impact of the cap. The summer and early fall months, which are typically the busiest for study permit processing, will provide a clearer picture of the full effects of these policy changes.
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