After facing the heat due to rupee depreciation, students studying abroad are now facing more uncertainties as the US economy faces recession threat.
With the recession looms large, what problems the students may face?
“With the recession likely to hit the US, the cost of living would go high and studying abroad would become more expensive. The US is known for being an expensive place to study and with the recession the tuition fees along with cost of living, the accommodation rentals and other overhead expenses will increase significantly. The students will be forced to shed out more from their pocket,” said Mayank Maheswari, Co-Founder & COO, University Living.
“With recession the worst part is the mass layoffs happening with big companies and hence the fear of job security. There is comparatively less chance of students bagging a new decent job which defeats the whole purpose of going to the US and spending so much money,” he added.
“Most of the students take educational loans and upon that paying extra for tuition fee, cost of living etc becomes a risky scenario which triggers the Indian students to move to other countries like Canada and European countries,” Maheswari further said.
How will the recession in the US impact Indian students who are already there or who plan to move there?
“Right now there’s no impact. Some panic, of course. Some students are seeing their senior family members starting to look for new jobs within the US to protect their H-1B. While we will know how this adds to their outlook only in 1-2 quarters, about 200+ students we surveyed recently continue to be optimistic. The American Dream remains strong. And just about every period has seen some shocks, so be it,” said Akshay Chaturvedi, Founder & CEO, Leverage Edu.
“Moreover, the overall US economy continues to inspire a lot more confidence as compared to others. There is a very high likelihood that they will battle out this recession better. What’s happening with macros is consistent across the world, people across walks acknowledge that, and there isn’t any US-driven scare at the moment,” he said.