With dreams in their eyes, students take the bold step of studying overseas. But the slow death of the Indian Rupee is making them think twice before taking the big leap. A few reactions on the tumbling rupee...
The rapidly decreasing value of the Indian rupee has already had great consequences for me. If the rupee stays at its current valuation, I will end up paying around Rs. 10 lakh more for my education. Things are difficult as it is with the deduction of $50 from every wired transfer exceeding $2,000 I get from home. Food and living costs aren't cheap in Pennsylvania. One can't get a decent meal without paying a minimum of $5. Perhaps one can eventually work his way around these difficulties, but money doesn't grow on trees. The pressure to get a job is enormous. Things look grim at the moment but one can only hope that the situation gets better with elections not far away.
Lehigh University Energy Systems Engineering
With the rupee crashing down, it’s just not about studies anymore. Students now have the extra pressure of finding a part–time job to meet their expenses because it’s only the dollar rising, not our parents’ income. Apart from the financial pressure, we have mental torture to deal with.
When I began applying to the U.S. for a Master's programme, the Rupee was around 55 to a Dollar. I jumped excitedly in response to my acceptance at the University of Michigan. As I heaved a sigh of relief at finalising an off-campus residence, the Rupee was 55 to a Dollar. I braced myself for all the wonderful opportunities ahead.
At the blink of an eye, when I had my first month's rent due, it was at 60. And by the time I got here and my father transferred the tuition fee, it was at 66. Suddenly, coming back home for a much needed break seems like an impossible idea. Every buck has to be more carefully spent. And keeping in mind multiples of 63 one day, 66 another, and God–knows–what next, it is not even easy.
M.S. Sustainable Systems, School of Natural Resources
and Environment, University of Michigan, Ann Arbor
The plunge in rupee value against the dollar has been in the news for quite a few months now. It has reached a stage when the memes have started to fill our Facebook walls. This issue is of primary concern for students who have just begun with their postgraduate courses abroad. Our tuition fee is due soon and such a free fall is sure to cause a few sleepless nights. A majority of the students are funded by educational loans. Due to fixed limits of such loans, the tumbling rupee will only reduce the loan amount in dollars. But as my father would say, if you can’t do anything about it, don’t worry about it!
Department of Civil Engineering,
Texas A & M University