Higher Education in USA Becomes Costlier Dollar Rate Soars

Jayita Ekka

Updated On: September 06, 2018 04:02 pm IST

Since the rate of dollar is on an all-time high, the cost of higher education in a popular destination for Indian students - United States is also rising. The expenditure for higher education in US for Indian students is expected to be up by approximately Rs. 1 lakh.

Higher Education in USA Becomes Costlier Dollar Rate Soars

Since the rate of dollar is soaring high, students who are planning to study in the US or are already studying there are bound to feel the pinch of how expensive the US is for Indians. As the rupee slipped to an all-time low of Rs. 72 per dollar, the students are finding it hard to survive in the US and the parents who are planning to send their children to the US for higher studies are also finding it an expensive affair.

With an estimation of about Rs. 1 lakh increase for students, the struggle will begin right from buying the application form till the time he/she makes it to the US physically. The application form fees usually depends upon the ranking of the university in the US and vary between $100 to $500 approximately, which when converted to INR amount to Rs.3,500 to Rs. 7,000 which the candidate will have to shell out.

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If we go by facts, a candidate usually applies in at least four universities, which essentially means that he/she would spend about Rs. 25,000 on application fees only irrespective of them being granted an admission, something which is also non-refundable. Apart from this, the interested candidates also have to appear for many entrance exams like Graduate Record Examination (GRE) costing $205, Test of English as a Foreign Language (TOEFL) costing $180 and many other entrance examinations which also add to the cost factor.

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This exchange rate has cast a major shadow on the student loans as well. An average university in the US charges about $15,000 while a topmost varsity may charge between $ 35,000- $ 40,000 as tuition fee only. Additional living expenses would be around $6,000 per annum. As the loan rates are floating and growing rapidly, students will also have to pay more.

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