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Rupee fall unlikely to hit study abroad plans

A weakening rupee is set to hit the finances of Indian students studying abroad as well as those readying to go overseas, but experts said it is unlikely to dissuade aspirants from pursuing their foreign education plans as the return on investment continues to be attractive.

The rupee fell to its lowest against the US dollar on Tuesday, breaching the 80-mark for the first time. The Indian rupee has depreciated about 7% against the US dollar since the beginning of 2022.
 

The rising cost of US education notwithstanding, leading foreign education consultants such as ReachIvy, have seen the number of students going to study abroad more than double following the resumption of travel after the easing of Covid-19, led by pent-up demand. Increase in education loan options, greater availability of scholarships, grants and financial support, and increasing number of smaller town Indians aspiring for study abroad have also fuelled  the rush for foreign education.

There are multiple finance options available from private banks, state-owned banks and non-banking financial companies.

“As long as the US job market continues to be robust amid the trend of Great Resignation, salaries increase amid continued talent war and work visa regime is liberal along with two-three years’ work permit post study, the US will continue to be the top most destination for Indian students,” said Vibha Kagzi, CEO, ReachIvy.com. “It will be a short-term impact in terms of the rising cost but those wanting to go to the US are not making any attempt to opt out or go to some other destination.”

ABOUT THE COMPANY

ReachIvy is a premium education and career advisory that helps aspiring students get accepted into top tier educational institutions globally. We have successful admits at MIT, Columbia, Harvard, University of Pennsylvania, London School of Economics, University of Michigan, Oxford, University of Chicago amongst others.

Vibha Kagzi, Founder and CEO, ReachIvy, holds an MBA from Harvard Business School, and a Bachelor of Science from Carnegie Mellon University. She has also pursued courses at the University of California, Berkeley, the London School of Economics and the Indian School of Business.

Our global team of counsellors have also acquired their degrees from premier institutes and are passionate about sharing their experiences with students worldwide.