The Rupee fall — where it will hurt the most?
Students who find opportunities to go study at international universities have to rely on education loans, or a fat family purse, to pursue their desired course.
With the rupee hovering in the 60s, many students will now find it difficult to sustain more completely than they were able to when the rupee figured in the 50-level category. Many students who have taken up education loans will have to bear the brunt of a depreciating rupee. While the loan is taken in rupees, the expenses are borne in dollar or the currency of the country, thereby overhauling the education and stay altogether.
Depending on the exchange rate, increase in one rupee could result in lakhs for a student.
Therefore, USD 100,000 for a student which would a month or two ago cost 55-58 lakhs could go up as much as by Rs 62-64 lakhs.
In times like these, individuals studying in foreign universities have no other option but to work part time or ask their respective banks to increase their loan amount. The onus of gathering more funds is greatly borne by students when the rupee takes a divebomb!
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