Rising Inflation, Falling Rupee Value Make Studying Abroad Costlier

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Subhashri Roy
Updated on May 31, 2022 12:05 PM IST

Compared to last year, students applying to universities abroad are paying higher fees in the 2022-23 academic year because of rising inflation and a drop in the value of the rupee. However, a growing number of students are still interested in studying abroad. 

Rising Inflation, Falling Rupee Value Make Studying Abroad Costlier

Students looking forward to studying abroad in 2022-23 are payingpay higher feesas education, living and travel expenses have increased significantly compared to the previous year. This can be attributed to rising inflation and the devaluation of the rupee.

The falling value of the rupee has particularly affected students planning to study in the US, UK and Australia.

Also Read:Indian Students will be Encouraged to Do Higher Studies in Japan: Consul General

Every year, lakhs of Indian students choose to study at various universities abroad, with the majority applying for courses in the fields of management, engineering, medicine, and research.

According to a student planning to study engineering in the US, the visa processing fee among other charges has doubled compared to 2021. This has come as a huge burden to the students parents.

In the previous year, a student was expected tospend around INR 20 to INR 25 lakh per year including visa, tuition fees and other expenses. This year, the costto study abroad for Indian studentshas hiked to around INR 25 to INR 40 lakh per year.

In such a scenario, many students have resorted to part-time jobs while some are staying in college hostels, or rented private apartments.

Also Read:'Our Arms are Always Open for Indian Students', Says Consul General of Sweden

A parent of one of the students currently enrolled in New York Universitys computer science engineering course told The Hindu about how expensive New York City is. Every 15 kg parcel that they send to their son costs around INR 10,000. The son, however, is working part-time to help ease their financial burden.

It can be noted that although the rising costs have come as a discouragement to many aspirants, a growing number of students can be seen applying to universities abroad this year.

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Source: The Hindu

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