Rupee fall to hit Indian students abroad more than those who are yet to leave, say experts | Education News,The Indian Express
Education Abroad: While the fall of the rupee can lead to an increase in tuition fees for all students planning to study abroad, the situation is more tricky for those who have already started their courses, and are in the US. Experts explain how.
Impact of Falling Rupee: With the fall of the rupee, Indian students studying abroad, especially in the US, may have to pick up extra loans and finances to ensure they are comfortable, according to experts. As the rupee’s value is depreciating, the tuition fee for Indian students abroad is on the rise, they added.
“In the post-pandemic era, most prominent economies are grappling with volatile economies, slowdowns or inflation in some form. The brunt of inflation is adding to the already rising cost of education abroad. The rupee’s depreciation is a bigger concern for students going to the US due to a plummeting rupee against the US dollar leading to a higher overall cost of education. Rupee’s rate against Euro and the GBP has stabilised owing to their depreciation which makes European countries a cheaper option for foreign education,” said Prashant A Bhonsle, founder of Kuhoo Fintech.
Experts believe students who are already abroad are going to face more issues than those who plan to fly out now. “So, if you are an incoming student, you have not yet shifted abroad and still have time to arrange more finances or take some other step. However, the people who are in their second or third year of a degree are already living abroad and are now stuck with limited funds due to the fall of the rupee,” said Ankit Mehra, SEO and founder of GyanDhan.
“So, there has been an increase in the number of students who are in their second or higher years of degree and have asked for additional funds. One student mailed us asking for additional funds, so we sent a mailer to all our clients and over 150 students reached back to us asking if we can help them by giving additional funds,” added Mehra.
However, some believe that paying all of their tuition fees in one go can safeguard students from such financial setbacks in the present and future.
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