How Rupee fall impact education abroad:
Foreign education is a dream of many students from India. The exposure to the wider world, intellectual surroundings, competitive environment, and meritocracy are the factors that drive our youngsters to American or European shore for higher education. However, there is the problem of funding.
The rupee has fallen by 20 per cent against the dollar since January and by as much as 24 per cent since last year.
Students who are studying abroad will bear the brunt most owing to depreciating rupee. Expenses incurred towards the university/college fee as well as that of living will shoot up, thereby spelling a huge burden on the students. The students will have to chip in a lot more money from the family’s hard earned savings to study abroad and many may even drop the plans of studying abroad.
The rising pressure on the rupee against the dollar is affecting the students of India, a country that boasts of a significant percentage of students traveling abroad every year for higher studies.
For the 800,000 or so students who go overseas to study each year, the main question is whether they can still afford to do so as their costs in rupees have risen by as much as 20 percent. The top three destinations to study are the United States, Britain and Australia.
According to the Immigration Department of Australia, 14 per cent all international students studying in the country were Indian nationals. "But, Now there is a significant decline in the number of Indian students applying for higher courses in foreign universities due to the weakening rupee.
In Australia, many look for part time work in restaurants, retail stores, gas stations and administration.
"Indian students would come to class often very tired, and fall asleep in class, because when you look at it they're often working two or three part time jobs." said One of the Student studying in Australia.
Adding to the pressure, banks have not raised the maximum limit on education loans to account for the fall in the rupee, meaning what used to be full-course funding now covers just a proportion.
Many students have changed their choice to places that are relatively less expensive. "A number of students who had earlier opted for USA, Canada or Australia have now chosen Singapore, which will cost them 30 per cent less.
Foreign education is a dream of many students from India. The exposure to the wider world, intellectual surroundings, competitive environment, and meritocracy are the factors that drive our youngsters to American or European shore for higher education. However, there is the problem of funding.
More than 2.6 lakh Indian students are currently studying abroad. While more than one lakh students are pursuing higher studies in the US, followed by the UK and Australia.
Students who are studying abroad will bear the brunt most owing to depreciating rupee. Expenses incurred towards the university/college fee as well as that of living will shoot up, thereby spelling a huge burden on the students. The students will have to chip in a lot more money from the family’s hard earned savings to study abroad and many may even drop the plans of studying abroad.
The rising pressure on the rupee against the dollar is affecting the students of India, a country that boasts of a significant percentage of students traveling abroad every year for higher studies.
For the 800,000 or so students who go overseas to study each year, the main question is whether they can still afford to do so as their costs in rupees have risen by as much as 20 percent. The top three destinations to study are the United States, Britain and Australia.
In Australia, many look for part time work in restaurants, retail stores, gas stations and administration.
"Indian students would come to class often very tired, and fall asleep in class, because when you look at it they're often working two or three part time jobs." said One of the Student studying in Australia.
Many students have changed their choice to places that are relatively less expensive. "A number of students who had earlier opted for USA, Canada or Australia have now chosen Singapore, which will cost them 30 per cent less.
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