What a weak rupee means for those planning to study abroad?
CONCERN The unprecedented decline of the Indian rupee puts those planning to or departing to study abroad in a tight spot as everything from tuition to living expenses becomes dearer thereby increasing the pressure on students
In the past week, the value of rupee against dollar fell by an astonishing margin, reaching an unprecedented, all-time low. Currently, the value of rupee, which was at 65/dollar just a year ago, has dropped to 74/dollar, significantly impacting the lives and businesses of Indians connected to the US. A considerable impact of this steep decline has been felt by students aspiring to study overseas especially in the US. The declining Rupee has caused overseas education costs to skyrocket and students who were supposed to pay their fees for the fall semester in September/october are bearing the brunt. With the cost of rupee expected to fall further, experts have opined that student travel of India will go down by 20% in the wake of this decline.
Students who had applied to their preferred universities in the March/april cycle, would be required to pay their tuition fees around this time for the autumn intake. According to overseas education experts, the decline in Rupee will cost anywhere between Rs. 4,00,000 – 6,00,000 for studying abroad. Students planning to study abroad already spend a huge sum of money on IELTS and similar exams, visa application, cost of living and university tuition fees. The cost can lie anywhere between $15,000 – 30,000, depending on the university and country. This hefty sum, increased further due to the weak Rupee, will result in numerous students having to give up on their dream of studying abroad.
According to research, almost 50% families take education loans in order to send students abroad for further studies. However, with the devaluation of rupee, this amount will increase approximately by 10 Lakh, making it next to impossible for families to cover costs even after securing hefty loans.
The cost plays an important factor and definitively rupee depreciation will make students think twice while a study abroad destination. However there are other factors also which helps in deciding destination which are favorable policies for International students across countries.
On the other hand, destinations such as Australia and Japan present themselves as attractive options for student willing to go overseas for studies without breaking their banks. These countries are offering a wholesome and holistic alternative to the US as an academic destination for those who are planning their overseas education.
Further, students who are truly inclined to study overseas can opt for other alternatives to fund their education. Students can secure part time jobs while studying in order to pay for their living expenses. A part of their tuition fees can still be covered by educational loans that they are required to repay only when they land a job post their course. Further, students who have excellent grades can also secure scholarships in order to significantly cut down their tuition fees. Students planning to get a Master’s degree can opt for countries such as Germany which offer free of costs Master’s programs. Finally, even if students keep a track of their budget and lifestyle while studying abroad, they can save a significant amount of money.
Evidently, there are a lot of ways to save money and cover costs if a student has a burning desire to study abroad. It all boils down to the policies of a country with regards to foreign students. Certain countries are very accommodating of students and offer several scholarships and campus job options in
order to help students fulfil their dreams. Identifying such accommodating universities and countries is currently the key to successfully studying and eventually getting placed overseas.
The parents and students should do a thorough research of the economic factors and relationship between both the countries while planning for study abroad. Factors such as currency depreciation, political relationships, working opportunities should be among the priority of the students while planning, studying abroad is all about the experience, so keeping that in mind prior careful planning is a must. For best advice, one must visit a consultant who has vast experience in the immigration industry and better understanding of the immigration policies. NEWDELHI: Studymate, the chain of learning centres launched by the Hindustan Times in DelhiNCR, has announced the launch of this year’s version of a programme titled the Road to Boards aimed at supporting the students who are gearing up for the Class X and XII board examinations, according to a press release.
The comprehensive f ourmonth initiative would include a counselling session titled ‘How to Prepare for the Board Exams’, and will be followed by Studymate Practice Boards for key subjects that will provide each student with detailed diagnostics on his/her strengths and weaknesses, the Studymate press release stated, adding that meritorious students would qualify for attractive scholarships.
In today’s highly-competitive environment, students aspire to perform well, especially in the Board examinations. Since the results of the Class 10th and 12th Board exams form the stepping stones to successful careers, it is important to give students extensive guidance on how to prepare for them, the release stated.
“Last year, more than 30,000 students from 100 top schools participated in this programme. More than 300 students won scholarships, did extremely well in the board examinations and got into top colleges. This year, we are aiming to make Road to Boards Delhi-ncr’s best programme to help students excel in academics.”, said Ajit Chaturvedi, CEO of the HT Learning Centres Ltd.
“Regular practise of writing tests is essential; attempting past years’ board exam papers and the current year’s CBSE Sample Papers will help students score more. The Road to Boards programme, designed keeping in mind the CBSE board exam pattern, will give students a unique way to analyse their readiness and practise accordingly before the actual exams”, said Arindam Lahiri, chief academic officer, Studymate.
The programme will also be open to the students of Class VIII, IX and XI, to enable them test their concepts and start early in their preparations for board examinations.
Further details about the initiative can be obtained at www.studymateonline.com.
in Today’s highlyCompetitive environment, students aspire To perform WELL in The Board examinations