The US dollar is on a tear against India’s currency, the rupee. This means that the Indian currency has been getting weaker by the day. This is a big problem for India as many students look to study abroad as a means to develop skills that will be an asset back home. However, the devaluation of the rupee does not bode well for the Indian student who wishes to study in the US. For a poor student, this could be a dream that is tough to achieve.
With the rupee touching its new all time low every other day, college-bound students in India fear their American university dream is getting farther away as they will have to cough up more money or shift their choice of destination country where it is comparatively cheaper.
While financial institutions feel the concerns are genuine and the requirement for higher education loans will increase, study abroad consultants believe students should have less to worry about because those who plan to work in the United States, post completion of their studies, may be eligible for additional funding to help finance their future career goals.
As the rupee weakens against the US dollar by nearly 11% since May, there have been concerns raised among a variety of individuals planning to enroll in U.S colleges. The falling of the Indian currency has added to the financial burden facing many students as study abroad plans become more expensive, according to a student who’s applying for law school in the United States.”
The Indian rupee (INR) has touched a record low of 80 against the dollar. The number of Indian students going overseas for higher education has been increasing over the past decade. But as the INR continues to fall, many students like Ravishankar Pathak may have to rethink their choices. Mr Pathak, who recently graduated and is looking into going abroad for his post-graduation degree.
As per official statistics, there are over 13.24 lakh students who left India to pursue higher studies in their education abroad. USA was the most popular choice among them, with around 4.65 lakh students heading to the country and other popular destinations included Canada (1.83 lakh), UAE (1.64 lakh), and Australia (1.09 lakh).
Fees and living expenses are the main cost-of-living components that make up the average student’s overall living expenses when studying abroad. When the rupee is not on a winning streak against the dollar, students with exchange programs have to pay more in terms of rupees than they normally would in relation to their U.S. Dollar expenditure due simply to currency depreciation.
Study abroad consultants say that studying abroad is a well-thought and educated decision and there is no reason to think it will ever change.