The unprecedented decline in the value of the Indian Rupee is not only giving sleepless nights to Indian students studying abroad and their families back home, but is also jeopardizing the dreams of many bright Indian students aspiring to go abroad for their further studies.

Indian families attach a high priority to quality education. High levels of competition in India does not allow a large number of students to fulfill their educational dreams at home, and many are forced to go abroad to receive a quality education. Most families exhaust their savings to this end, and in many instances, even mortgage family assets just so their children can take advantage of the best available education abroad.

The Rupee devaluation has hit many student’s plans hard, and this could start a new trend of exploring educational destinations that provide quality programs at more affordable costs than going to the U.S. or U.K..Countries in the Asia region, such as Singapore and Hong Kong , could be major gainers. Other countries that could attract students may be non-traditional European  destinations that offer courses in English at much lower costs, as well as shorter duration programs. As compared to the U.S., Canada has the advantage of lower tuition fees as well as prospects of job opportunities and good quality of life, for those who may wish to remain post education.

Universities at educational destination countries need to innovate to remain attractive to Indian students by sweetening the currency pill disadvantage through offering more scholarships and financial aid opportunities.  Perhaps if the visa controls of issuing countries also loosened up on work opportunity regulation for study abroad students, this would encourage further student transplants looking to spend their precious rupee.