Outlook Money
Currency fluctuations lead to significant variations in the expenses for Indians aiming to pursue higher education abroad. These fluctuations can make tuition and living costs uncertain and unpredictable.
The risk of currency fluctuation has made most Indian students embrace some financial instruments and services meant to reduce their overall risks. Lock-in rates in travel forex cards can mean a reduction of depreciation in the value of Indian currency for such students abroad.
Education loans take into account currency fluctuations, alleviating students’ financial stress by providing a basis for budgeting their stay, despite economic changes.
Besides currency rates, factors, such as inflation in the host country, visa rules, and the cost of living have an impact on the student’s life. For instance, even if the rupee stabilises, high inflation in the destination country can increase their overall expenses on accommodation and food.
Many students explore options of scholarships, grants, or job opportunities on campus in their destination country. Both students and their families need to keep an eye on currency fluctuations to make good financial choices, such as converting money early if the trends are advantageous.