Indian rupee falls, Study abroad expenses shoot up
Planning your study abroad is a challenge in itself and the dwindling state of the Indian rupee has added to the woes of Indian study abroad aspirants. With every fall in the value of the Indian Rupee against the US Dollar, the dream of making it to an international university for students seems to become more distant.
The Indian Rupee, which was at Rs 54 to a dollar at the beginning of the year, was trading at Rs 61 to a dollar recently and currently falls between Rs 59 and Rs 60. This development has dampened the study abroad plans of many aspirants.
Tuition Fees:
If we talk about the Tuition fees, a two-year course in a US university that would have cost $ 50,000 or Rs 27 lakh (assuming Rs 54 to a dollar) at the beginning of the year would now cost around Rs 30 lakh (assuming Rs 60 to a dollar), increasing the tuition fee expense by 11 per cent directly. Hence, given the current scenario guardians need to be prepared with ample funds, says shiksha expert Dennis Vasanth.
Bank Loan:
Adding to their woes, students are finding it difficult to fund their dreams via bank loans. Due to the state of the falling rupee, the banks currently are willing to finance only three-fourth of the education, which means if a student is going abroad to study for a course of 4 semesters, the bank intends to pay for only three semesters. We need to remember that Education loans are usually in rupees, and as the students pay their expenses in a foreign currency, the cost of education and stay increases automatically.
Living costs
Living expenses include stay, food, travel, clothing and books, which cost approximately $ 10,000 to $ 12,000 a year. Given the current situation if we take a monthly average of $ 850, expenses are expected to increase by Rs 2,550 every month from Rs 46,750 to Rs 49,300.
Miscellaneous expenses
Well! The woes of study abroad students just don’t seem to end. If we go into the details, students studying in US universities, they also require medical insurance, which can range between $ 300-500 per year. Likewise, other expenses while staying abroad have also jumped up with the fall of the Indian rupee. Hence, it would not be wrong to state that the state of the Indian rupee has affected the Study abroad dream of students in more ways than one making them cautious in their approach; even leading many of them to look for options back home or in more affordable Asian countries.
