Rupee at 2 year low, Indian students abroad hit hard
The Indian Rupee’s plunge to 65.90 for a US dollar has come as a shocker for many parents who have sent their children to study abroad, as education costs are set to increase due to the fall of Indian currency.
In Chennai, Deepa Shah’s son Viraj left for the US to study engineering in Boston. The cost of education was close to Rs. 29 lakh, but with the Rupee falling, it will cost the family even more now. The Rupee’s fall means that her son’s education costs will go up to Rs. 30 lakh for each semester, taking the total cost of the four-year course to over Rs. 4 crore.
Ms Shah says “We never expected this fast. It’s going to be expensive at every stage. My son is already talking about part time jobs and shifting from dorm to a cheaper accommodation. There’s also pressure on him to perform better”. Despite the rising costs of education, Ms Shah’s daughter plans to study for her management degree abroad. Neha Shah says, ” The kind of experience, exposure and independence we get there is great and it’s fine to pay more”.
Currently, over 100,000 Indians are pursuing their studies in the US.
(Courtesy of Sannam S4)
Source: NDTV
