Weak Rs upsets students' foreign study plans

When Ishita Joshi decided to pursue a master’s degree in International Public policy from a college in United Kingdom in December last year, little did she realise then that her father’s astuteness by adding a little extra to the requisite bank balance, would prove to be so time-tested and handy.

For, when she had applied rupee stood at Rs81/£. According to Visa norms, Ishita had to show a bank balance that is equivalent to the total expenses of institute fee and her other cost of living in the UK, which came to around Rs22 lakh. Sensing possibility of wider fluctuation in value of rupee, Joshi credited around Rs25 lakh to the account, ensuring a tanking rupee doesn’t sink her Visa chances – a decision that has rescued Ishita today. In July, while she awaits her Visa process to start, value of rupee has touched almost Rs90/£!

However, while Joshi is safe for now, falling rupee has tanked many other students’ aspirations for foreign studies. In a gap of six month, rupee has weakened at Rs 59.64 for one US$, Rs77.98 for one Euro and Rs90.1370 one pound. The fluctuating rupee has made education dearer by few lakhs of rupees for Indian students going to UK, USA, France apart from others. 

“A student applying for a Visa has to keep the bank balance of combined expense for 28 days of the process. I know of many students who calculated their expenses at Rs80/£ and were seen collecting the shortfall urgently. It is always advisable to keep fluctuating rupee value in mind before accounting for the bank balance,” said the Amdavadi student.

Antariksh Mishra’s story is no different. This student who had secured admission in a prestigious college in Paris, ranked fifth in the world, to pursue International Masters in Management will have to cough up €38,000 as tuition fee for the two year course. At the time of applying for admission, one Euro was equivalent to Rs72, which has now touched Rs78 almost.

“The expense excludes around €700 a month on food and other miscellaneous expense. Weak rupee has added around Rs3 to 4 lakh in my overall expenses.
To manage this extra on my own, I have applied for a special apprentice programme at the institute,” said Mishra who has taken maximum education loan.

Parents too are seen bracing up to meet the fluctuation demands. Dr Dharmendra Dave’s son has got admission in undergraduate course in engineering at University of Illinois at Urbana Champaign in USA. He will require $55,000 per year for next four years. “When he applied, one USD was equivalent to Rs52 which has now reached Rs60. I assume it will reach Rs70 soon and therefore, I have started investing accordingly,” Dave said.