: American university dream seems farther to study abroad aspirants as rupee tumbles to a record low #IndiaNEWS #Business NEW DELHI, July 17: With rupee touching its new all time low every other day,

American university dream seems farther to study abroad aspirants as rupee tumbles to a record low #IndiaNEWS #Business
NEW DELHI, July 17: With rupee touching its new all time low every other day, study abroad aspirants in India fear their American university dream is getting farther as they will have to cough up more money or shift their choice of destination country where it is comparatively cheaper.
While financial institutions feel the concerns are genuine and the requirement for higher amount of education loans will go up, study abroad consultants believe students have less to worry about, especially those who plan to work in the US, post completion of their studies.
As the rupee tumbles to a new record low against the US dollar, it ripples concerns far and wide among study abroad aspirants. The weakening of the Indian currency against the US dollar will deeply impact students overseas education plans and add to financial burden, Pushpender Kumar, who plans to study law in the United States, told PTI.
For my other friends, a change in choice of country can work but for me it cannot considering the long term plans. Every country has different legal system and it requires different knowledge to practice as a lawyer. I dont have the option. However, I feel the ultimate cost will further shoot up till I land there and ultimately graduate, he added.
The rupee hit a fresh all-time low this week touching the 80 mark against the US currency.
According to official statistics, over 13. 24 lakh students from India went abroad for higher studies with maximum of them heading to USA (4. 65 lakh) followed by Canada (1. 83 lakh), UAE (1. 64 lakh) and Australia (1. 09 lakh), among others.
Arijit Sanyal, MD and CEO, HDFC Credila believes a depreciating rupee would indicate a rise in the cost of education for an Indian student aspiring to study overseas.
From an education loan lenders perspective, this would result in larger ticket sizes as a borrower would need to avail a higher amount to cover overarching expenses, including the tuition fees and ancillary costs. However, a borrower who is at loan repayment stage during this time might find it easier to mobilise funds, if they earn in dollars, Sanyal said.
Tuition fees and living expenses constitute the two main components of students expenses when studying abroad. The rupee facing a losing streak translates to increased fees and cost of living as a dollar would cost more in terms of rupee than earlier.
According to Prashant A Bhonsle, founder of Kuhoo Fintech, an online student loan platform, the costs are much higher for students planning to study in the USA as now they have to pay the tuition fees and living expenses in dollars while the euro and GBP have appreciated against the rupee and, as a result, have reduced the cost of education for Indian students in the UK and Europe.

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