Rupee has fallen more than 10% in past few weeks. As you or your children plan on applying to schools abroad, the natural concern is how will this impact you.
Here’s my take –
1. Financial Aid becomes more critical – Same school fee is now 10% more expensive for you. So, those who were implicitly relying on financial scholarships to fund some or whole of their expenses can get more anxious now. This is tough at this point of the process but the good news is that it will only help you being more aggressive in pursuing scholarships. Our insider tips on securing financial aid just became more valuable. We are soon releasing the details of our counseling package, so don’t forget to keep an eye on our incoming posts because we are sure you will be interested in how can we help you easing your financial burden.
2. Career prospects in USA became more lucrative – Right now you are thinking about how much you will have to spend but the good news is that once you start earning (and that begins right when you secure scholarships and start earning stipend), the value of that will be so much more as well in India. So, I want you to look at the positive side and use this forex volatility to your benefit.
3. Let loans help you – Lastly, for those students who are all set to leave for Fall 2013 studies, it might be better to use loans to substantiate your finances. However, do not take out too much extra currency right now and wait for the rupee to stabilize a little if you need more money later on.
4. Be investment savvy and protect yourself against fluctuations – Now, if you are a little money savvy, you can make some investment that can protect you against further volatility in Rupee and Dollar. For details and formal advice, do ask your CA and Investment Advisor to help you plan your foreign expenses.
In the end, do NOT be disheartened. The rise in your expenses is going to be marginal in long run. So, keep focused on your original goal – STUDY HARD and SMART. BUILD a BRIGHT FUTURE. When you graduate and get an awesome job, all this will matter nothing in hindsight.
For specific inside strategies on how to get admitted to top schools, check out our bestselling MS Book: Smart Engineer’s Complete Guide to MS in USA.
Happy Sunday 🙂