Owing to the decline in the value of Indian Rupee, students are currently not getting sufficient fund and are therefore looking for alternate options like part-time jobs and even scholarships. In other words, this depreciation has compelled them to change their future plans.
The majority of students who are now pursuing higher education abroad have high hopes that 2013 will bring them the exciting news of enhancement in the value of Indian Rupee. One of the students studying in Mumbai said that his course fee went high by almost 18% owing to the declining value of the Indian Rupee. He regretted that instead of joining the 34-lakh course in 2012, he would have saved about 5.38 lakh if he would have enrolled in the course in 2011.
The depreciation in the value of Indian Rupee had a drastic impact on the expenses of pursuing education overseas. The drop in the value has been found to be directly proportional to the increase in the total expenses of pursuing education abroad. Moreover, the depreciation in the value has also increased the cost to buy US dollars alongside 2% hike in the bank rate.
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India is a country comprising a good number of admirable candidates who lack financial strength for paying hefty course fees. However, these students opt for higher studies abroad. In fact, it’s a sad reality that it becomes quite difficult to arrange such lump sum amount for those candidates who hold outstanding academic records and eligibility for scholarships.
Mohit Gundecha, the Chief Executive Officer of an online career platform, said that this depreciation in the value of Indian Rupee has escalated the cost of financing. In fact, several families are now running out of savings that is consequently shattering their dreams of building prosperous futures for their child.
According to financial experts, there has been a slump in the availability of educational loans. The downfall in the value of the Indian Rupee alongside the qualms in the global economic condition absolutely weakened the momentum in the expansion of educational loans. According to Prashant Bhonsle, the country head of Credila Financial Services, it was the global economic uncertainty that had filled the minds of risk managers with negative thoughts and had also been responsible for shattering the momentum in the growth of educational loans.
So, a huge number of students are now getting compelled to move abroad for cccc and thereafter seeking employment opportunities. However, it’s true that some of them will still be waiting for the value of Indian Rupee to once again regain heights.
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