Rising inflation and the falling rupee value have dampened the spirits of students who are planning to study abroad as education, travel, and living expenses have become more expensive. For the academic year 2022-23, students are paying higher fees for foreign universities, while also setting aside more for accommodation compared to previous years.
Every year, lakhs of students from India go to various foreign universities for higher education in courses such as medical, engineering, management, and research. The devaluation of the rupee is particularly affecting those planning to go to universities in the U.S., U.K., and Australia.
“I am planning to study engineering in the U.S. I have been enquiring with many consultancies, and everywhere, the visa, processing fee, and other charges are double compared to last year. It is a big burden on my parents. I am waiting for the II PU results and then I will take a decision,” Regina, a student, said.
A foreign education consultancy explained that this year, academic expenses will double for students. “Last year, including visa, college fee, and other charges, a student would spend around ₹20 to ₹25 lakh per annum. This year, it will cost around ₹25 to ₹40 lakh per annum.”
Students studying in foreign universities also feel the pinch. While some are staying in college hostels, some are in private apartments on rent. To manage the burden, many students are engaged in part-time jobs.
Shivakumar, parent of a student in the U.S., said: “My son is studying computer science engineering in New York University. New York city is very expensive. We supply most of what he needs from here through courier. Last year, we were paying ₹10,000 for a 15 kg parcel. He also manages his expenses with a part-time job.”
“Yes, inflation and drop in value of rupee has increased costs of foreign education. But, we are getting good response from the student community and parents. In fact, compared to previous year, this time our business has increased more than 50%,” said another consultancy firm from Bengaluru.