How much does the economy affect your study abroad plans ?

When global events like the pandemic occur, they can spend all your plans and dreams. But that’s what planning is for, right? The global economic changes pose consistent challenges for those hoping to study abroad. Exchange rate currencies, political instability, and shutdowns are worrisome. So what should you do? You will find that in most cases, studying abroad is actually more beneficial in the long term. Let’s take a look at what is currently happening around us and plan accordingly.

1. Exchange rates
With the US dollar getting stronger and the Rupee falling in comparison, spending on your education can be difficult, especially on a loan. But if you think deeper, getting a loan in a weaker currency and eventually earning in a stronger currency after graduation means that you will comparatively earn more to pay back your loan at home. This takes one stress off your mind. While you may have to come back home, a foreign degree may also give you negotiating power when talking about salary with your employer.

2. Visa restrictions
In the post-pandemic world, western economies have adopted a more cautious approach to work permits for international students and hopeful immigrants. This raises barriers to getting jobs in these countries. Returning to India is a more viable option. That too with the knowledge and resources you have acquired abroad. Many returning students not only find security in India but also the confidence to take risks and build their own start-ups. The boom in unicorns produced in the Indian economy only shows the market potential and risk appetite of the youth. This generation is also more self-aware and attuned to their roots. Being able to represent the Indian perspective on the global stage across fields is no mean feat. Best of all, they come back with a network stretching across the globe and enviable skills.

3. Cost-benefit analysis
Living expenses abroad can be high, meaning that you earn well and spend just as much. While there is potential for growth, some students may want to come back keeping this in mind, especially if securing a job seems farfetched. Alternatively, some may get some work experience for a few years before coming back. It all depends on what your personal situation is like.

You may have noticed that all of these actually encourage you to get that education abroad. A single degree from a top global school can make all the difference in your career whether in India or abroad. Get started on your college applications with ReachIvy.com today!

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You can contact us, Reachivy.com, for further assistance or questions, and take advantage of our wide range of services for students in destinations such as Universities in the United Kingdom, studying in the United States, a study in Canada, a study in Singapore, and many other countries. Contact us today!