Studying abroad facilitates world-class education, a multicultural environment, more job opportunities and an innovative culture. Everything seems good, but then comes the Inflation and Currency Depreciation Impact.
Most of the families in India are of middle-class background, and the money required to study abroad is a big expense for them. It takes years for them to earn that much money and put almost everything on the table to get the child to succeed.
Money planning is a crucial part of your study abroad journey so, you should know the trends of the costs involved in your study abroad journey.
There is complete information about the predictions of the Overall Cost of Studying Abroad for Indian Students and strategies to tackle them.
Factors Affecting Inflation And Currency Depreciation Impact on Indian Students
Tuition Fee and Inflation
In global education, the tuition fees are going to be increased due to inflation. Even though universities don’t want to increase the fee, because of inflation, they will be pressured to increase the tuition cost.
The reason behind this increment is operational cost. Utilities, Staff and infrastructure are important to an organisation. To run a university in a smooth manner, the management would need money. So the tuition fees are going to increase in the upcoming years.
The Rupee Depreciation
This is the thing that each student has to keep in mind while planning for the money to study abroad.
In the past few years, the Indian rupee has gone up and down against the USD, AUD, Euro and GBP, so for the same course, students have to pay a higher amount.
Just suppose for a course you could have needed 35 lakhs(approx) in your hand, but now you have to pay 45 lakhs(approx) for the same. Even a small depreciation can cost you lakhs of rupees.
Remittance Cost
When a student goes to study abroad, most of the money is transferred by the parents to him. So the money transfer cost has to be considered while financial planning.
There are hidden costs involved during the process. If you are not aware of that, it can be really costly to transfer the money.
The problem is that we can’t see these costs earlier on, but after spending it makes a huge difference in the decided budget.
What Are The Predictions For The Cost of Studying Abroad For Indian Students
Tuition Cost
There is going to be an increase in tuition fees by 5-6% in the upcoming few years because the institutions will require more money to run their operations.
Decline in Rupee
It has been observed that there has been up and downs in the past few years in the Indian rupee against the currencies of many countries. So there might be a possibility that you have to increase your budget during your studies.
To know more, you can directly ask the Delta Edu Group(Delta Immigration)Counsellor.You just have to book a free consultation session on our website.
Strategies to Tackle Inflation and Currency Depreciation Impact
1. Choose the countries that are less costly in terms of tuition and living costs.
2. Transfer the money through more fintech platforms to get transparency in the payment process.
3. Before you move abroad, ensure that financial planning and calculation of all kinds of risks are done.
4. Use the inflation calculator to manage your budget.
To Conclude
There can be multiple factors involved in cost calculations, so make sure you have done risk calculations. That mitigation plan will help you stay calm even during the change. The major factors involved in the financial issueare tuition cost, remittance channels and rupee depreciation.
Ups and downs are part of the study abroad journey; you should just have the plans to tackle them.
