Students going abroad for studies weighed down by soaring dollar

AHMEDABAD: The unexpected hike in dollar prices has affected the 25 to 30 thousand students of Gujarat going abroad for their studies, who now have to make immediate arrangements for the resultant increase in the amount of fees. The price hike has also hindered the admission procedure of many students who have applied to foreign universities. Middle class students are burdened by the severe pressure of amassing adequate funds in a short time span while making ends meet.
Mohit Lodha, who is planning to get his Masters degree in Business Administration from Canada, now has to pay 2.5 lakh more. He says, "Unfortunately, the bank sanctioned my education loan when the dollar exchange rate was around Rs 56. The bank pays only 70% of the total expenditure. Managing the outstanding amount was already a difficult task. The extra burden of 2.5 lakhs is just unbearable." Any delay in fee payment increases the chances of visa rejection as visa approval requires foreign students to pay the full amount in advance.
Tarang Patel, the managing director of Get-Way Immigration Services says, "Every year 15 to 20,000 students from Gujarat go overseas for studies. On an average, they spend 10 to 15 lakh on their studies and side expenses. The rise in the dollar price will definitely affect their budget. The students who have already submitted their cheques now have to pay the extra amount in a very short span."
Parents who save up to pay 15 to 20 lakh for their children's education do not have extra savings available for fees augmented by 1 or 2 lakhs.
Students wishing to pursue graduate and postgraduate degree courses at Canadian universities will now have to pay about 1.0 to 1.5 lakhs more than the anticipated amount. Again, it is the students belonging to middle and lower middle class families, where every penny counts, who will have a tough time.
Saumil Christian, a student belonging to a middle class family, wants to pursue an Advance Diploma in Automobiles from Canada. He says, "When I planned to study abroad, I calculated my fees and expenditures keeping the exchange rate of Rs. 55 per dollar in mind. The sudden hike has caused the expected sum to shoot up by Rs. 80,000. I am now waiting for two to three weeks in hopes of a decline in the dollar price."
Pankaj Patel, an expert from Can Consultants, also advises students to wait for a decline in dollar prices. He says, "Students intending to go abroad should not make any payments at this stage. The next round will begin in September - October 2013 in all countries, including Canada and Australia. Students should wait for a month or two and transfer funds only when the dollar prices drop. In such conditions, it is advisable to pay fees for one semester at a time rather than yearly."
At the same time, the price hike has benefited students returning from countries like Australia, Canada and New Zealand during their one or two year work permit period.