The recent fall in the value of the Indian rupee has significantly impacted students’ plans to study abroad
“With the cost of education and living expenses on the rise, it is becoming increasingly difficult for students to afford a quality education”
The rupee has been on a downward spiral for the past few months and hit a new low against the US dollar last week. This has caused many students and parents to rethink their plans for studying abroad, writes Prajwal Ikhar, co-founder of EduCred India.
The cost of studying in the US has always been high, but the rupee’s recent depreciation has become even more expensive. Besides the US, the cost of studying in countries like the United Kingdom, Australia, and Canada has increased by at least 10% in the last few months. But for students planning to study in the US, the pain is too much as they are now facing a 20-30% increase in the cost of their education. This is a major deterrent for students who have plans to study abroad.
The fall in the value of the rupee has also made it difficult for students to avail of scholarships and financial aid. This is because the scholarships and financial aid are mostly in US dollars. The impact of the rupee fall has been particularly hard on students from middle-class families who were depending on scholarships and financial aid to study abroad.
The Indian government has announced several measures to try and stem the fall of the rupee. However, it remains to be seen if these measures will be enough to stop the decline of the rupee and help students achieve their study abroad dreams.
This has led to uncertainty among students planning to study abroad. The fall in the rupee’s value means that students will have to shell out more money for their education. This is a major concern for students with loans to finance their studies.
The weak rupee will also make it difficult for students to find jobs after graduation. With the economy slowing down, companies are cutting back on their hiring plans. This is likely to impact students planning to return to India after completing their studies.
The UK is one of the most popular destinations for Indian students, and the fall in the rupee has made it even more attractive. The cost of studying in the UK has remained unchanged, making it a more affordable option for students. The rupee’s fall is also likely to hit students planning to study in Europe. With the UK set to leave the EU, there is a lot of uncertainty about the future of the bloc. This will likely make it difficult for students to get visas and access scholarships.
Australia is another popular destination for Indian students, and the rupee’s depreciation has made it more affordable. The cost of living and tuition in Australia are lower than in the US, making it a more attractive option for students.
The fall in the rupee has also made other countries, such as Canada and Singapore, more affordable for Indian students. These countries offer high-quality education at a fraction of the cost of US schools.
The rupee’s depreciation has made studying abroad a more expensive proposition for Indian students, but it has also opened up new opportunities in other countries.
The impact of the rupee’s fall is likely to be felt by students worldwide. With the cost of education and living expenses on the rise, it is becoming increasingly difficult for students to afford a quality education. The falling rupee is likely to make it even harder for students to achieve their dreams of studying abroad.
The Downfall of Rupee is not an End. Let’s show you some light at the end of the tunnel.
So, the dreams of middle-class Study Abroad aspirant has been thinned to only students who have enough potential to receive a scholarship or grant from Government or Private institutions and Trusts. And for students who are still barely capable of getting a study abroad loan, they should keep in mind that applying for floating Interest rates loans will profit them in the long term from the RBI’s rate policy which is directly correlated with inflation.
About the author: Prajwal Ikhar is Co-Founder of EduCred India.