Ashish Bhandari, MD and CEO of multinational engineering conglomerate Thermax, recently made a post on LinkedIn about the colossal fees that he has to pay for his son’s US tuition fees.
The CEO’s view is that the fees of the US university are “outrageously high” while comparing it with his own IIT Bombay days when the half-year tuition and hostel fees were just Rs. 265.
Sharing an old money receipt from his alma mater, Bhandari went on to laud the value of getting into IIT Bombay. He said, “The aspiration of the IIT degree was the sole driver for seeking to improve my mediocre high school grades.
My undergraduate years, while injudiciously spent in large parts, have had a role to play in every significant decision I have made in my professional journey. The marvelous gaggle that I met as cohorts continue to inspire me that more is possible.”
Costs At Home And Abroad
Thermax CEO’s LinkedIn post about ‘outrageously high’ US tuition fees provides food for thought about the academic scenario for Indian students. Costs of study vary in the three countries of the UK, the USA, and India.
In the USA, the fees are reduced in public or state universities as compared to private ones. Also, tuition costs vary according to the degree programs, and the rural or urban nature of your living area. Every year, one needs approximately $10,000 (Rs. 8 lakh) to $55,000 (Rs. 44 lakh) for every year.
In the UK, tuition fees can fluctuate depending on the course you take. Starting at £10,000 (Rs. 9.5 lakh), the cost can rise to £38,000 (around Rs. 36 lakh) for medical degrees. Adding the living expenses can amount to a total of £22,200 (around Rs. 21 lakh) per year, although expensive cities like London may be harder on your pocket.
Coming back to India, fees are evidently a lot less. Students in rural areas pay an average of Rs. 5240 per year for general college courses. In the urban cities and towns, the average cost becomes three times, standing at Rs. 16,308. Medical degree aspirants have to pay as much as Rs. 72,000 per year.
Impact Of Falling Rupee
The post-pandemic era is witnessing the depreciation of the rupee, causing a hike in tuition fees for students abroad. Prashant A. Bhonsle, the founder of Kuhoo Fintech, said, “The rupee’s depreciation is a bigger concern for students going to the US due to a plummeting rupee against the US dollar leading to a higher overall cost of education.”
Some experts hold the opinion that it will be harder on students already abroad than on those who are planning to go. Ankit Mehra, CEO and co-founder of GyanDhan, said that aspiring students still have time to plan, whereas second-year or third-year students “are already living abroad and are now stuck with limited funds due to the fall of the rupee”.
Akshay Chaturvedi, founder and CEO of Leverage Edu, advised students to draw loans in India and pay off the entire tuition fees in one go. He also said, “We are able to assist students to open bank accounts in destination countries that store foreign currency before students arrive, making those funds unfettered in case there is a global currency flux.”
Disclaimer: This article is fact-checked
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