This study analyzes student mobility trends in South Asia between 2020 and 2025, with a focus on Bangladesh, India, and Pakistan. Using secondary data from UNESCO UIS, AISHE, BANBEIS, and national policy sources, the research examines outbound flows, destination patterns, and structural drivers shaping cross-border education. The analysis identifies cost, access, institutional capacity, and degree recognition as dominant decision factors, while geopolitical disruptions act as secondary modifiers rather than primary determinants. By distinguishing between stock and flow dynamics, the study provides a clearer framework for understanding regional mobility patterns. The findings offer practical insights for policymakers, institutions, and students navigating international education decisions in South Asia.