Mumbai: The depreciating rupee has been giving nightmares to not only the businessmen but to students also, especially those who are hoping to study abroad.
For Pune's Pranaav Jadhav, a second year communications student in the US, the rupee's downfall has been a terrible blow. The higher exchange rates mean he has to shell out an additional Rs 50,000 per semester as his tuition fee.
Living expenses have also risen by at least Rs 10000 a month.
Shaillejaa Jadhav, Pranaav's mother, said, "One thing is very much worrying is that the banks, well most of the nationalised banks. They have a policy of maximum limit of loans is Rs 20 lakh. They don't give above Rs 20 lakh for students studying abroad... you know... education loans for students studying abroad. Now this is quite a small amount as compared to the fees that we are paying abroad, in the US especially."
Visa restrictions mean students like Pranaav also cannot work more than 20 hours a week part time.
Pranaav said, "The minimum wage is paid to a student worker, which is 7.25. And that only suffices my rent over there. So the other amount has to be paid by the parents."
Expenses for students studying in the West has increased considerably. And the rising costs have made many opt for cheaper South East Asian universities.
Overseas education advisers say there has been an estimated 10-15 per cent decline in overall inquiries to study abroad. The number of people going in for education loans is also on the decline.
Recession in the foreign markets has also made it difficult to get jobs abroad, one of the major reasons Indian students go abroad. With the rising cost denting their budgets, industry watchers say, more people could opt to study in India itself.