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Plummeting rupee worries students keen to study abroad by efwegbe erergeer
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Plummeting rupee worries students keen to study abroad |
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Business,Business News,Business Opportunities
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The plummeting rupee value has severely hit the students who havebegun the processing of higher education abroad this year whileparents of those who are already pursuing courses abroad arebearing the pain of shelling out more. The variation in the additional burden due to the falling rupeevalue ranges from Rs. 3 lakh to Rs. 5 lakh per annum depending onthe tuition fee structure. The amount is quite huge for the Indianmiddle class, which dreams of foreign education for their children."I am just shocked as my plans have gone haywire," saysa student who has got admission in the prestigious Carnegie MellonUniversity in the USA.
She initiated the process in August last when the rupee value was48 per US dollar. The course fee cost Rs. 27.84 lakh then. By thepresent rate of Rs.
56 per US dollar, she would have to shell outRs. 32.48 lakh. By the time she actually pays the fee in a fewmonths, she may have to shell out about Rs. 34.80 lakh if the rupeevalue depreciates further to Rs.
60 per US dollar. Students who are already in US too are worried. Arun, a student ofcomputer science at Texas Tech University, Lubbock, Texas, feelsthat his second and third semesters will cost more now with thedepreciation of rupee. His parents have to spend from theirpersonal savings to fund the shortfall. Fewer scholarships "The US dollar has appreciated by 25 per cent in one year andthis would mean that the education has become 25 per cent moreexpensive.
Overall, there is 30 to 35 per cent increase in expensefor an Indian parent in the last 12 months. What is worst is thatthe number of scholarships has come down too," saysRavilochan Singh, Managing Director of Globalreach. "It's a concern for parents," agrees Sai ManoharRudramaina, CEO of US Grads, an educational consultancy. Mr.
Sai,who is also a US varsity alumnus, says Indian students are smartand they will manage their expenses better to ward off the effect. However, he says its also good news for those who have completedtheir MS now and started working as they get more rupees perdollar. Ramya, who just finished MS at the University of MaryHardin-Baylor in Texas is elated that she would spend a few dollarsless while repaying her loan. Mr.
Ravilochan says the maximum loan limit of Rs. 20 lakh was fixedby Indian banks a decade ago. There is a need to increase themaximum limit as the costs have become higher. In short term, thisis the only solution that can be offered to the students and theirparents. I am a professional writer from Construction & Real Estate, which contains a great deal of information about bathroom cabinet handles , antique bathroom mirror, welcome to visit!
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