Will Brexit have a Financial Impact on Indian Students?

Last June, the UK decided as a nation to leave the European Union. Since then, this has directly impacted the pound in the international financial market. Studying abroad for most Indian students is a significant financial investment and is a plan that they make often years in advance. Parents are looking at ways of saving money in the long term to ensure that enough is available to send their children away to study. Experts believe that for now, and the next couple of years, Indian students coming to the UK will be spending less, as the value of the pound continues to depreciate against other currencies.

So, will this mean cheaper education in the UK?

In a word, yes.

But how much cheaper do you mean when you say ‘cheaper’?

The pound has gone down significantly compared to rates last year. There has been a drop of an average of Rs15 on the pound.

Average Exchange rate on 26/04/2016 –  1 GBP = 97.0631 INR

Average Exchange rate on 26/04/2017 –  1 GBP = 82.2606 INR

Since 2013, there has been a steady rise in the value of the pound compared to INR but it has now come down significantly in 2017.

But what does this mean in the big picture?

Even if universities do raise their fees, studying costs in the UK are now significantly lower, saving parents almost 5-7 Lakhs. And, with scholarship opportunities like the GREAT Scholarship from British Council, studying abroad this year will be financially viable for a lot more students.

 

Let us consider the below examples of doing a one year Master’s degree in the UK in 2017.

University of Warwick – MSc Accounting and Finance

Type: MSc (Full-Time)

Duration: 12 Months

Start Month: September 2017

Tuition: £33,500

Living Expenses: £11,400

Total Expenses: £44,900

Cost in GBP Cost in INR (2017) Cost in INR (2016) Savings
44,900 36,93,500 43,58,133 6,64,632

 

University of LiverpoolMSc Accounting and Finance

Type: MS (Full-Time)

Duration: 12 Months

Start Month: September 2017

Tuition: £18,000

Living Expenses: £9,200

Total Expenses: £27,200

Cost in GBP Cost in INR (2017) Cost in INR (2016) Savings
27,200 22,37,488 26,40,116 4,02,628

 

University of LeicesterMSc Accounting and Finance

Type: MS (Full-Time)

Duration: 12 Months

Start Month: October 2017

Tuition: £19,545

Living Expenses: £12,200

Total Expenses: £31,745

Cost in GBP Cost in INR (2017) Cost in INR (2016) Savings
31,745 26,11,362 30,81,268 4,69,906

 

Birmingham City UniversityMSc Accounting and Finance

Type: MSc (Full-Time)

Duration: 12 Months

Start Month: September 2017

Tuition: £12,000

Living Expenses: £12,200

Total Expenses: £24,200

Cost in GBP Cost in INR (2017) Cost in INR (2016) Savings
24,200 19,90,706 23,48,927 3,58,221

 

To get help in selecting and applying the right master’s course for you, please get in touch on info@applicationuk.com.

Find out how you can save more by Reducing Your Tuition Fees with ApplicationUK.

 

ApplicationUK’s easy-to-use online application portal provides a simple solution to postgraduate application stress. With its smart digital self-assessment tool, personalised application plan, and application tracking system, you can be rest assured that your application will go through smoothly. Our experienced counsellors are also here to provide expert advice, reassurance, and continuous support.

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Image source: http://indiandefence.com/threads/theresa-may-visit-uk-india-free-trade-agreement.56824/

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