Rupee’s fall, rising costs, visa restrictions bring down applications to foreign universities this year

Chennai: The steep fall of Indian rupee against the US dollar, UK’s pound sterling and Euro currencies has increased the cost of studying abroad by 20% for Indian students. This, along with the visa restrictions by the US and Canada, and economic issues in the UK amid uncertainties due to the war on Iran, have resulted in fewer applications to foreign universities this year.

Typically, around 10,000 to 15,000 students from Tamil Nadu travel abroad to pursue higher studies in foreign countries every year. But this year, education consultants say, there were 25-30% fewer applications and queries to join foreign universities.

“Considering the depreciation of the rupee’s value, tuition fees in the UK have increased from around ₹15 lakh to ₹20 lakh. Living expenses have also risen by 20%. Ticket fares for international flights, too, have gotten more expensive due to the war. So, many students have put a pin in plans to study abroad this year,” said R Sureshkumar, managing director of Truematics - Overseas Education Consultancy.

Srinivas Venkateswaran, director of Global Degrees in Chennai, said students aspiring to study in the US are also facing high visa rejections due to the immigration policy. He said students are interested in newer destinations such as France, Germany, Netherlands and Malaysia, South Korea, Japan this year.

“Students are looking at alternative destinations. There is, however, no change in the course preference. Students are opting to join computer-related courses including artificial intelligence, data science, management-related programmes, just as it was last year,” he said.

“The job market in the UK has become tough due to the economic situation. So, students prefer countries such as Germany, France, Sweden and Latvia for higher studies. But the cost of education has gone up considering the fall of the rupee’s value. The value of one Euro has gone up from ₹85 to ₹112,” said R Manikandan, director of Meisters International Educational Advisory Private Limited.

Nihil, a city college student, has got admissions to artificial intelligence and business analytics master’s programme at Clermont School of Business in France. “While the competition is very high for universities in the UK, there are more opportunities for foreign students in France, and more international exposure too. The tuition fee is ₹15 lakh, which was within my budget range,” he said.

While Australian universities too are offering top-quality education, tough visa requirements deter a majority of students, as they look towards other countries.