Rupee at an all-time high, how to cope with the cost of overseas education
While the global economy was still recovering from the collapse caused by the pandemic, the occurrence of the Russian-Ukrainian war and the uncertainties associated with it exacerbated the situation for most developing economies.
India is no exception, as the crisis, combined with inflation and rising crude oil prices, has caused the value of the Indian rupee to plummet against the US dollar. The Indian rupee fell more than 7% from Rs. 72 in March 2022 to Rs 78.94 per US dollar as of June 30. The value stands at Rs. 82.28 per USD on October 17, 2022.
Every aspect of Indian life has been affected by the falling rupee, including shopping, exporting, traveling and education abroad. Thus, students studying abroad or those looking to travel abroad for their studies will need to plan their finances accordingly as the value of the rupee continues to fluctuate against the US dollar, leading to increased fees and spending.
Around 60% of Indian students who travel abroad for study choose the United States as their preferred destination. Other popular destinations include Australia, Canada, Germany, UK, etc. The average expense of a student pursuing studies abroad is over $30 billion per year. Given the devaluation of the rupee against the US dollar, prospective students may find it difficult to properly assess their expenses.
However, with effective financial planning and some guidance, aspirants can effectively avoid deterrence.
The scholarship is a friend
The best way for a student to fulfill their ambition to study abroad is to get scholarships. Applying to a reputable and respected scholarship program is beneficial for academic and personal development, as it helps students discover a diverse world and improve their interpersonal skills. Typically, scholarships provided by reputable organizations pay for all student expenses. Opting for such scholarships that are fully funded by universities, colleges or organizations helps to take a student away from financial worries and focus on their studies.
Education Loan is the Umbrella for Study Abroad Expenses
With low interest rates, international student loans are now very affordable, making it easier for individuals to fund their studies abroad. In addition to tuition and travel costs, study abroad loans also cover living expenses. In some cases, these loans also cover the cost of a student laptop. Prospective students can obtain large loans from banks and financial organizations to cover the full cost of their studies and pay them back after graduation with flexible repayment terms. In addition, the Indian constitution also allows for tax relief benefits on student loan interest, which extend to legal guardians of students under section 80E income tax deduction.
Find out more about complementary loans
With rising costs, it is common for parents and students to experience financial hardship. If such a situation arises, people who have already taken out a student loan may be eligible for an additional loan. The process of applying for a complementary loan will be easier if one has already obtained a student loan from the same bank. In this case, the person will have an easier time applying for a loan since the bank already has their information.
An educational advisor is always a good idea
For students wishing to pursue international studies, counseling is essential. It explicitly helps students choose the best academic institution and the best course to take. Global Advisors can gather all required data on a student visa, scholarship programs, school loans, etc. The board can help by offering advice on budgeting and controlling expenses. It can provide information on financing options, student loans, and other topics related to international study plans. While many organizations and companies offer advice on studying abroad, it is essential to identify those that demonstrate exceptional professionalism.
Traveling abroad to study is a well-considered decision that students and parents have been planning for years. Changes in the global economy are a norm and they should always be considered when planning study abroad. However, recent inflation, a struggling economy, and rising education costs can add to a student’s stress. There are several ways that one can take to overcome these obstacles. With the combination of education loans, financial support programs, scholarships and other important solutions, a student can not only dream of studying abroad, but can also achieve it without facing any stress. financial.
The opinions expressed above are those of the author.
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