It is not only Indian students who make it a point of summoning dreams of foreign degree every night; US universities too welcome them with open arms. Indian students are their favorites among the bunch of international students, seeking admission at US universities because they are known to pay full tuition and boarding fee. This is in contrast to a lot many international students counting on the financial aid from institutions. This undeniably sees a surge of Indian students applying for admission in foreign universities.
According to an estimate, nearly 8 lakh student show the enthusiasm every year. Keeping in view the impact of fluctuating economy, many rumor mills are working overtime leaving many US aspirants in lurch. We decide to clear up the air to let you make a wise decision by weighing the pros and cons of depreciation of rupee.
Students who were already burdened with the issues concerning tests, admission process for MS institute in USA, VISA have to fight the blues of fluctuating economy too. It is not surprising for people to apply for educational loans several months in advance of admission to a particular university in the US. Parthasarthi Aggarwal, a student of Mumbai University puts it this way, “I had applied to various universities in the US. Fluctuating economy and the ceiling amount of the loans have already started giving me nightmares. Now, I’m close to choosing an institution in the US, which will be fitting my budget. The good thing is that I have already secured Rs 2 million loan from a national bank, but they refuse to consider my requests for additional amount.”
It often happens that students commit a blunder of calculating the rupee impact on the total fee payable. This is light years away from the ground reality. Funds are actually released on a per semester basis. Therefore, if a rupee is showing a downward slide currently then it will affect only the first tranche of the loan. The graph of the costs for Indian students studying in the US will depend invariably on the future rupee-dollar movements.
In view of fluctuating rupee- dollar relation, number of students seeking education loans has significantly risen. Some students abroad have also been reported of seeking extra bank loans.