28-year-old MUKESH Jaiswal had his bags packed and was ready to travel to the when he realised the exchange rates for pounds had increased more than he had anticipated. This sabotaged his plans for a PhD in Business Strategies.
In April,I had managed to collect adequate funds required for my tuition fees and basic living expenses. I had to put all my savings together and borrowed money from family. The rate then was around Rs 82 to 84 per pound, said Jaiswal. But the dramatic rise in the exchange rate has resulted in the disqualification of my application to study in the UK. My current funds fail to suffice for a visa application and I have been rejected by the UK Border Agency. I am very disappointed.
Aparna Biswas (25),said,Earlier I had made my plans based on the exchange rate of Rs 56 per Canadian dollar. But with every passing day the rate is going up. She had estimated her expenditure to study at St Johns Canada for a masters degree in power electronics to be about Rs 15 lakh,but now has to shell out 19 lakh rupees.
I have to cut down on my living expenses and will have to tighten my budget. I have to re-think and re-plan everything. Different foreign agencies have different rates,normally higher than the official exchange rate. I have to do thorough research of the market to find out which agency will give me more value for my money, Biswas said.
20-year-old Neha Visani said,I have applied to universities in the US for a masters degree in biotechnology. The course is expensive and with the rise in the exchange rate,I dont know whether I will be able to afford it. I have applied for a student loan,but even that will not be enough now.