The decline in the rupee against the pound and the dollar will affect Indian students going abroad, since the USA and UK are the most popular destinations. But given the uncertainty in the job market, it is not advisable to sell assets like house or land to fund your overseas education. “Never put yourself at high financial risk'' says Natasha Chopra, of The Chopras, an educational consultancy firm.
Due to the fall in the rupee students going abroad for higher studies will now be forced to fork out more for their tuition fees and stay. Students can choose to pay per semester, if the university offers the option. But they must also remember that many universities offer a discount of 2-3% if the entire course fee is paid upfront, says Chopra.
Even those who have secured scholarships will be affected, if it is one offered by an Indian institution, since it is unlikely that the scholarship amount will be increased, Chopra adds.
While students can't do much about the course fees, they can look at ways to cut down living expenses. Working part time, sharing accommodation with more number of people, cooking your own food, buying groceries in bulk and so on. They can also make use of discounts available for students for travelling and transportation. Buying second hand books is another way to cut costs.
Another big area of expense is entertainment, which students should just cut down. In fact, most universities have on-campus entertainment, which is free of cost. In addition, there are also days when theaters and cinema halls offer discounts for students.
“The important thing is to have sufficient funds in the first place, before you leave,'' says Chopra.
