Had I gone to US right after graduation, I would have saved Rs 1 mn

A master's student in USA reveals how the rupee's weakness has impacted his life choices

Like every other engineering student in India, I had a dream of going to USA to get a Master’s degree or a PhD. But before I did that, I wanted to get a taste of the real world which is why after graduating I opted for a job in one of the Fortune 500 companies in India, which also happens to be the biggest conglomerate in the country.

 

After a year of working with them I decided to appear for GRE and cracked it. Gates to the American land were now open for me. The exchange rate was dancing between Rs 51-54 to a dollar. This did not have too much impact on my decision of choosing a university then. Fees for the short-listed colleges ranged between $11,000 and $37,000 a year.

 

I was determined to get into a good college because I had a good academic record as well as a good GRE score.

 

I had three choices – a fully funded Master’s course in a well reputed university, a college that was well ranked and was charging $27,000 and a third, which did not have too good a standing, but would only cost me $16,000 a year.

 

Sadly, I failed the telephonic interview for the fully funded course which left me with the other two choices. Out of the two choices, I opted to go with the better ranked university. Everything was prepared, tickets booked, visa appointment made, bags packed when suddenly the rupee started weakening by the day. This completely disturbed my budget, crossing the threshold I had set.

 

The day the exchange rate overshot my budget I changed to the cheaper university. I had to cancel everything. I had to let go off my dream university and start all over again.

 

Finally, I am here but there is not a single day that goes by without me checking the INR-dollar rate looking for the right moment to pay my tuition fee so that I could save a few bucks along the way.

 

I now have to think twice before spending on a meal outside given that the rupee went as low as 69/ dollar.

 

To give a perspective of what me or any other Indian graduate student studying in the USA is set to lose: My overall estimated expense for two years including living and tuition expenses would total to around $60,000. Considering the average rate at Rs 54 a dollar for the first year and an average of Rs 66 a dollar for the past two months, I have already lost around Rs 720,000 which surpassed my annual salary for the one year I worked in India.

 

Given the rupee’s standing today, had I gone in for higher education immediately after the bachelor’s degree, I would have saved more than a million rupees. By this time I would have started earning in dollars, making it a much favorable case for myself.

 

However, I am here. Many may have to opt to kill their dream because of this sudden turn of events. I pray to God that our currency regains its value, soon. 
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The author is currently pursuing Masters in Petroleum Engineering at University of Houston