Rupee is touching its new all-time low day by day. In such a situation, it is becoming difficult day by day for Indian students to fulfill their dream of studying in American universities. This is because now they have to spend more money to study in American universities and if they are not able to do so, they will have to choose a country where education is relatively cheap.
On the one hand, financial institutions feel that the concerns are genuine and the need for taking out huge education loans may increase, while education consultants living abroad believe that students who complete their studies need not worry so much. After doing that, planning to work in America. Pushpendra Kumar, who is planning to study law in the US, said, “The rupee has hit a new record low against the US dollar, which has raised concerns for those looking to study abroad and it is out of their reach.” has occurred.
The weakening of the Indian currency against the US dollar will have a deep impact on the plans of students to study abroad and increase the financial burden. “My other friends may choose another country to study, but I am not looking at long-term plans. Every country has different legal systems and different education is required to practice as a lawyer. I don’t have option. By the time I reach there and start my graduation, the expenses will increase further.
This week the rupee has touched the lowest level ever touching the 80 mark against the US currency dollar. According to official figures, more than 13.24 lakh students from India have gone abroad for higher studies, most of them in the US (4.65 lakh), followed by Canada (1.83 lakh), United Arab Emirates (1.64 lakh) and Australia (1.09 lakh). are in. MD of ‘HDFC Credila’. and CEO. Arijit Sanyal believes that the depreciating rupee is indicating an increase in the cost of education for Indian students who want to study abroad.
Says Sanyal, “From the point of view of the lender to the education loan lender, this will increase the burden of studies as the borrower will need to take a huge loan to meet the tuition fees and other expenses. However, those who are currently in the debt repayment phase, if they are earning in dollars, it will be easier for them to repay the loan. Tuition fees and living expenses are the two main components of a student’s expenses while studying abroad. A fall in the rupee means an increase in fees and living expenses as a dollar will become costlier than the rupee in the past.