Weak rupee casts its shadow on overseas education plans

The number of applicants has dropped by up to 25% due to the declining currency

Daljit Kaur (21) of Phagwara in Punjab had arranged the requisite amount to get student visa and migration to one of the Universities in United Kingdom. Now she has deferred her plan as she is getting short of funds required to get temporary migration.

“Although the falling rupee value means higher remuneration in the part-time jobs (students are allowed to work for certain number of hours overseas) I have lost the confidence due to prevailing uncertainty,” she said.

There are hundreds like Daljit who are unable to take a plunge due to increased cost of studying abroad.

 

According to Rupinder Batth, the Director of Can Asia Immigration Consultants Chandigarh and the President of Association of Professional Immigration and Education Consultants of India, every year an estimated number of 7,000 students travel to Canada to get enrolled in various courses. With the fall in rupee value, the cost of Canadian dollar has gone up by Rs 14, which is substantial for an aspirant.

 

Moreover, an immigrant has to have a buffer of $12,250 for the Immigration Settlement Fund. Its conversion into rupee has gone up.

The number of applicants has dropped by up to 25 per cent, he added.

According to estimates available, about 7-8 per cent of population of Punjab is settled abroad and the NRI population is the backbone of Punjab’s economy.

Till last decade, the illegal immigration was rampant. But in the due course, with the expansion of immigration consultants in the state, more people opt for the legal route.

The young people seek the education visa as it helps them to seek better jobs in the developed part of the world.

Batth added that those who cannot defer their plans are scouting for the cheaper options like Singapore to save their time.

“We can survive for some time with lesser number of applications but the loss of time for students who have stalled their plans is may effect their career,” said Batth.

A senior banker of a leading public sector bank conceded a significant drop in the number of applications for education loan. “There have been no queries in the last two months for the education loan. The admission months are March and October, so by next month we can get a clearer picture,” he added.