The drastic fall in value of the Indian rupee (INR) rate against the US dollar (USD) and the Great Britain Pound (GBP) in the last week has many students worried about their immediate future.
Students, who planned on going abroad for studies are being forced to reconsider their plans.
On Tuesday, the exchange rate stood at Rs 58.39 for $1, which is the lowest ever. The exchange rate was Rs 90.75 to a pound.
For Kaushik Chatterjee, an IT engineer working in the city, plans of joining an MBA course in a US University now seem that much farther. “I planned for this for eight months. But, the costs will be too much of a burden on me now. I should have done this long back when the rupee was still below 50,” he rued.
Many other students planning to go abroad this year will have to make alternate plans or choose universities with lower fees in order to have enough money to complete their course. “I have a place at the University of Glasgow and Greenwich University in London. But the cost of living in London will be too high and my family cannot show that kind of funds in our account. I will have to opt for Glasgow or look for other universities outside London now,” said Rohit Tiwari, who is headed to the United Kingdom for a Masters degree in Microbiology.
Education consultants said there is an increasing trend of students requesting deferred admissions or scrapping plans of studying abroad. “There are students who will reconsider their decision as both tuition fees and the cost of living will be higher. However, there are options like scholarships that are available for students with a good academic record,” said Natasha Chopra, Managing Director, The Chopras.
Chopra however expressed confidence that the US remained the number 1 destination for many Indian students who are not dependent on scholarships or loans.