The falling value of the Indian rupee has been much in the news the recent weeks in India. With the central bank that is intervening to increase the short term borrowing the costs, the rupee will still hit the recorded laws against the other major currencies.
The drop has had an impact on the purchasing power of the number of the families and also may turn to the reduction in the India's imports. The one key area for the concern is the financing the overseas study.
The impact of the currency fall can be significant. Since May the falling rupee has added to the cost of the overseas tuition fees and also the living expenses.
If one looks at how the value of the rupee has changed between 2009 and the middle of 2013 one sees the currency has depreciated by 17.4% against the US dollars, by 18.4% against the Canadian dollar and by a staggering 23.2% against the Australian dollar. In contrast the rupee has also fallen by only 12% against the UK pound.
With the US economy reviving faster than the European economies, it is much more likely that costs of studying in US, Study in Canada and Study in Australia will rise faster than the cost of studying in UK.
Against this backdrop there are several things that students wish to study overseas should here take into account while balancing the long term prospects against the short term costs.
The scholorships though competitive are a hugely helpful way of funding the studies, there are many foreign universities that are increasing the value of the scholarships they offer to try and offset the additional financial burden facing the Indian scholars.
The universities like Glasgow also had their fees for the duration of the period of the study. This is particularly useful for the undergraduate students on the three or four year program and tuition fees will not increase over that period.
It is also worth thinking about the cost of living in different countries, regions and cities when looking overseas. There are some places that have the higher cost of living than others, particularly in the big cities. The difference between the north and the south of UK can be quite stark and is a case in point.
Whenever you are planning to study in UK you have to keep eye on the complete package: i.e the cost of accommodation, the flights, the opportunities for part- time job and so on.
The acquisition of the graduates and the postgraduate’s skills will still be the important even as the world the economic growth still continues to be the moderate. The employers here will focus more on the graduates that have graduated from the best universities.