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Fall of Indian Rupee hurting students in Abroad

Indian Rupee

It is becoming tough for Indian students to manage higher studies in the US due to the rising disparity between INR and USD. Pound has risen from Rs 85.5 to 96.7, Dollar has risen from 65.2 to 74.2 and Euro has risen from 76.3 to 84.8. Students with several plans after going for abroad studies are being compelled to work part-time jobs to pay for their educational expenses as stipends and scholarships cannot suffice the needs.

Zaman Rana, a student of Forensic science is pursuing higher studies in Anglia Ruskin University in Cambridge. He wanted to buy a car but the economical pressure is so high that he is working at a nearby Marks & Spencer outlet.

Zaman quipped, “My annual cost of education is a little over £20,000, which was around Rs 19.5 lakhh when I joined, as the rupee was around 85 to a pound. Today it’s costlier by at least Rs 2.5 lakh, which has impacted my parents… I was working in the university earlier, now I work at an M&S.”

Vijay Naidu, a consultant working with British universities for 20 years stated that the rupee’s downfall will not affect the enrolments. Most students are from affluent families who are not that affected. “But if the rupee continues to weaken year after year, it will definitely affect the US numbers in 2-5 years.”

 

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