Rupee fall makes it tough for Indian students overseas |
As the Indian Rupee continued its fall against the US dollar, reaching an unprecedented, all-time low, it has significantly impacted the lives and businesses of Indians connected to the US. A considerable impact of this steep decline has been felt by students aspiring to study overseas, especially in the US. The declining rupee has caused overseas education costs to skyrocket and students who were supposed to pay their fees for the fall semester in September/October are bearing the brunt. With the cost of rupee expected to fall further, student travel of India will go down by 20% in the wake of this decline. The decline in rupee will cost anywhere between Rs. 4,00,000 – 6,00,000 for studying abroad. Students planning to study abroad already spend a huge sum of money on IELTS and similar exams, visa application, cost of living and university tuition fees. Almost 50% families take education loans in order to send students abroad for further studies. However, with the devaluation of the rupee, this amount will increase by approximately 10 Lakh, making it next to impossible for families to cover costs even after securing hefty loans.
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