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| Falling Re raises cost of studying in US | |
| Kalpana Pathak / Mumbai November 5, 2008, 0:06 IST | |
UK, Australia numbers could pick up instead.
Parents and guardians of thousands of students studying in the US are bearing the brunt of a violently fluctuating rupee against the US dollar. During the past year in which the rupee has fallen almost 16 per cent, not only have tuition fees shot up, living and travel expenses, too, have risen drastically.
Take the case of Harsh Jumani (name changed on request) who is head of communications with a multinational n. He is worried that if the fall of the rupee does not stop, he will have to pay over 20 per cent more for his son's education at Carnegie Mellon University.
Jumani's son is pursuing a four-year under-graduation course in computer science and sought admission at the Carnegie Mellon this August. Jumani paid Rs 10.59 lakh for the first semester ($25,000 when the rupee was 42.37 to the dollar).
For the second semester starting January 2009, however, he will have to pay Rs 14.77 lakh ($30,000) if the rupee hovers at the October rate of 49.25/$. If it falls further, the impact will be greater. Had the rupee not fallen from its August level, Jumani would have paid Rs 12.71 lakh ($30000 at 42.37/$).
"Living expenses for my son have also gone up. I just hope that the rupee appreciates in the coming months,” rues Jumani.
Travel expenses will shoot up too. Students get two breaks during the academic year and a to and fro trip to India would cost them around Rs 80,000.
LEARNING DISABILITIES
Currencies against the Indian rupee |
| Country |
Aug 01 ’08 |
Oct 31 ’08 |
% change |
| US $ |
42 |
49 |
16.82 |
| Euro |
65.69 |
63.12 |
-3.91 |
| Australian $ |
39.51 |
32.78 |
-17.03 |
| Note: The Euro and Australian dollar have weakened against the Indian rupee, while the US dollar strengthened against it.This could result in a shift of students to the UK and Australia. However,undergraduate programmes in the US are for four years against three years in the UK and Australia. A Masters programme in the US and Australia is for two years whereas in the UK it is for a year. Source: BS Research bureau |
Jumani's is just a case in point. Many students are worried about the fall in the rupee. India sends the most number of students to the US, according to New York-based International Institute of Education (IIE)'s annual "Open Doors" report, which compiles statistics on the number of students who choose international education destinations.
In 2006-07, India sent around 83,833 students to the US -- up10 per cent from the previous year, followed by China, which sent around 67,723 students -- up 8 per cent. The University of Southern California hosts the largest number of international students in US.
Asia sends the largest number of students to the US, accounting for 59 per cent of total US international enrollments, and increasing by 5 per cent in 2007. Among the leading fields of study for international students in the US, business remains the leading field of specialisation (18 per cent), closely followed by engineering (15 per cent).
"Students who are enrolling for the next academic year are hoping that situation will stabilise by then," says Vinayak Kamath, Director, Gee Bee Education, a Mumbai-based international education consultant.
Industry players now believe that the current economic slowdown that has hit the US, could discourage students from choosing US as a study destination. "This year, UK could see growth in terms of student inflow as compared to US," adds Kamath.
Australia is the second-most popular international education destination for Indian students behind the US. In 2007, over 63,000 Indian students went to Australia for higher studies, according to data from Indo Australian Education Counselors (IAEC). The Higher Education Statistics Agency in the UK suggests that over 23,800 students visited UK for higher education degrees in 2006-07.
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