Student migration for higher education has increased as students seek improved academic quality, global exposure, and stronger career prospects. However, the financial demands of studying abroad—tuition, living costs, exchange-rate volatility, and limited income opportunities—can shape both academic outcomes and well-being. This study examines (i) migration motivations, (ii) financial management practices, (iii) financial management challenges, and (iv) financial self-efficacy among student migrants from Kerala. A survey-based design was used with 276 respondents selected through non-probability snowball sampling. Results indicate that career advancement is the strongest migration motive, alongside cost considerations and social support. Respondents report generally proactive financial behaviours budgeting and expense tracking, with saving most prominent, but also significant challenges driven by rising tuition/living/visa costs, unexpected expenses, and limited income opportunities. Financial self-efficacy appears moderate as respondents feel reasonably in control, yet show vulnerability to shocks, including reliance on credit during unexpected expenses. Hypothesis tests found no statistically significant differences in the migration motivation, financial management practices, financial management challenges and financial self-efficacy by gender, age, or educational qualification. The findings support the need for systemic pre-departure financial literacy training, strengthened institutional aid coverage, emergency support mechanisms, and credible information channels for prospective migrants.