Following the pandemic, international student mobility has continued to gain momentum; nevertheless, this year has seen the emergence of another concern. According to an IDP poll of 21,000 students across 108 countries, rising living expenses would be a significant barrier for students looking to study overseas in 2023.
Families of struggling students may be forced to postpone or abandon plans to study abroad, or they may be forced to select Plan B options that are less expensive than they would have preferred. Students who responded to the survey indicated that they are thinking twice about going abroad to study.
In order to assist in paying for their living expenses while studying in the host nation, students are searching for part-time employment options. It will be more difficult if you need to be frugal with your expenditures because your money won’t go as far as it used to. Universities ought to be aware of the results as well. More than 70% of students who expressed a desire to work part-time indicated they would like assistance in obtaining employment, suggesting that more universities should provide this service.
Unlike Brits, you cannot work more than 20 hours a day without running the danger of deportation, so it could be difficult if you don’t have access to more money. Depending on your current situation, domestic students cannot simply have their loans raised or find other sources of income like many overseas students. As a result, we are all in the same situation, and even universities, whose operating expenses have skyrocketed, are unable to provide financial assistance.
An in-depth look at how rising living costs and inflation are influencing where and how students study abroad
Among the several difficulties facing the world economy are rising inflation and falling foreign exchange prices. These elements have a significant influence on how much it costs to study abroad, which makes it harder for students from different nations to pursue international education.
Excessive inflation implies that people need to spend more money in order to get the same commodities. This can increase the cost of tuition, housing, and other student expenditures, as well as make it more difficult for families to save money for their children’s education.
Additionally, one unit of one currency can only be bought with more of the weaker currency. Because they will need to exchange more of their home currency for the foreign currency required to pay tuition and other fees, students from countries with weak currencies may find studying abroad more expensive as a result.
Students take out huge loans to pay for their living expenses and education. Since living and education costs in the US are relatively high by Indian standards, even a tiny fluctuation in the value of the rupee relative to the dollar can have a negative impact on the finances of students who intend to take out loans for higher education abroad.
While the rupee’s decline vs the dollar was predictable, given its relatively stable trend, the degree of the deterioration was utterly unpredictable. A six percent decline will have a significant effect on lending costs and will likely increase the number of loans that students may take out to pursue higher education in the United States.
The rising expense of education overseas is a factor that will impact students from both home and international backgrounds. The increasing costs have raised concerns over the future of education abroad.
The world came to an abrupt stop due to the COVID-19 epidemic, and the global governments are now feeling the effects of the recovery. Similar to other damaged industries, the education sector took the brunt of this, and the ensuing travel restrictions had a detrimental impact on these establishments. The effects persisted for a whole year, and as of late, the Russia-Ukraine war-related geopolitical unrest has also affected world prices. The cost of food and the need for energy have both increased. Although these geopolitical developments may not directly affect tuition, they will undoubtedly affect the entire expense of education.
The rising cost of living significantly impacts the number of options for students to study abroad. Indeed, there are a plethora of methods available to address the issue of inflation and currency fluctuations that impact international students.
Governments in each country may provide financial aid to students who wish to study abroad. Many universities offer scholarships and other financial aid programs to international students. Companies can also assist international students in gaining work experience by providing internships and other overseas opportunities.
