devaluation path, it would get difficult to repay it within the given time and I might have to take another one," Raman said.
Adding to the pressure, state-run Indian banks have not raised the maximum limit on education loans to account for the fall in the rupee, meaning what used to be full-course funding now covers just a proportion.
Foreign students are prized by US academic institutions, particularly at the undergraduate level, because they often pay full tuition and board rather than counting on financial aid from universities, giving them an economic impact that outweighs their numbers - less than 4 per cent of US university enrollment.
So far, US schools say there has been no significant drop off in the number of Indian students, the second-largest population of foreign students after the Chinese. That does not mean there will not be a fall though, said Gary Hamme, associate vice president for enrolment management at the Florida Institute of Technology.
"If this continues, it's going to get tough and obviously we would be concerned about the number of new students," he said. Foreign students make up about a third of the total enrolment at the institute and Indian students are among the top three most represented foreign nationalities.
Shiva Balasubramanian from Mumbai, who is studying computer engineering at Arizona State University, says he is cutting his daily expenses to cope.
"You avoid buying exotic vegetables, and that one extra beer, for example," he said. "It's a test of management in daily life."
"BITE THE BULLET"
In Australia, many look for part time work in restaurants, retail stores, gas stations and administration.
"Indian students would come to class often very tired, and fall asleep in class, because when you look at it they're often working two or three part time jobs, (sometimes) illegally," said Phil Honeywood, executive director of the International Education Association of Australia.
The rupee slump has also caught out those who had been cautious with budgeting. Ridhima Tomar, who will pursue a degree in Social Policy and Development at the London School of Economics this month, thought she had made a conservative calculation on the exchange rate at