Is fall in Rupee affecting Study Abroad dreams?

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Is fall in Rupee affecting Study Abroad dreams

The Indian rupee (INR) has been falling rapidly since January and the currency is expected to depreciate more. This can prove to be a nightmare for the parents whose children are set to study at international universities.

The fall in rupee is the bad news for students who are planning to study abroad. The nervousness is obvious since all the expenses to the foreign universities will be made in foreign currency and majorly US Dollars (USD).

Students have started tightening budgets that would fit their possible expenditures. On the other hand, the students already studying abroad are immediately hit, as they are facing fund shortfall.

Does the fall in Rupee affect my study abroad plans?

A deeper and more objective analysis depicts that a weak Rupee should not be an obstruction for students who want to study abroad.

If we compare the Indian Rupee against currencies of other major destinations for Indian students like the UK, Canada, Australia, New Zealand and Singapore, then we will find that the depreciation against the US Dollar over the last three years is lesser. The INR has actually gained against the Pound Sterling (thanks to Brexit). 

For instance, if a student has taken an education loan of Rs 30 lakh in India to fund the international education then servicing the loan would be much easier as the future date of the Rupee by the time of the repayment be of lower value. In fact, the same amount of US Dollars would pay off a much larger amount of the loan. 

Hence, the depreciation of the Indian Rupee is not a critical factor that can be a factor to cancel the study abroad plan. In fact, some emphasis should be given to other factors like the quality of education in the University chosen or the standard of living in that country.

Keep in mind that depreciation in Indian Rupee might cause a little inconvenience and be the reason for additional pay-out at the beginning but it would be more than redeemed after successful graduation.

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