Indian Students Financial Constraints for Education Loan for International Studies
Education Loan for International Studies
Indian Students Financial Constraints – For a medical course, a student is travelling to Georgia in Europe. His father is handling the costs of the approximately Rs 30 lakh course fees over a five-year period so that she won’t need to take out a loan.
Due to the depreciation of the Indian rupee and the impact of inflation on budget spending, Europe may have been in a recession in recent months. The necessity for a loan arises because the cost of living in Europe will vary.
Similar to the aforementioned situation, some other Indian students wish to pursue studies overseas, while those who have already been accepted face harder circumstances this year due to the rupee’s decline. The rupee’s value against the dollar would have decreased by more than 7% as of the beginning of 2022.
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Indian Students
It is a public benefit company that helps students pay for education loan for international studies, so if a student took out a loan in March of this year when the rupee was 75 to the dollar, it would have added a few lakhs to the loan.
For every dollar of the loan, Rs 7 would have been added, which has increased both the debt and the interest.
The Indian students would in fact need to help themselves there even after paying the tuition because the cost of living increased.
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According to estimates, the inflation rate in the Eurozone was 10% while it has reached a 40-year high in the US, which has an impact on the finances of students who are studying abroad. Most Indian students travel there to pursue careers.
Through the third component of the triple curse, interest rates are increasing. The repo rates were increased four times by the Indian central bank during the same fiscal year, bringing the base rates to 5.9%. Major analysts predict that the base rates will stabilize once they reach a range of 6 to 6.5%, therefore the rate of increase in interest rates will continue.
There would be a raise in interest rates for MCLR and BPLR loans in the future. As a result, both the current borrower’s EMI and that of succeeding borrowers would increase.
The psychological effects of the rupee depreciation would have an influence on the parents and students who are studying in the US and Europe.
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A foreign degree would be expensive to pursue. But according to the experts, this won’t deter kids from pursuing the degree they want.
The quality of education, professional advancement, global exposure, skill development, and networking would all benefit from investment return.
Although there is little risk that anything would derail their plans, some students may choose to postpone going overseas for their studies this year and the following year if they had planned on doing so two years earlier.
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In some social groups, the parents are responsible for paying the EMIs, which has an effect. Given that parental income does not increase proportionally to increases in interest rates, a student who saved up Rs 25 lakh for their international education prior to the hike in rate would struggle to find additional funding.
