RBI decreases dollar limit for students going abroad:

With rupee's rapid depreciation, coupled with RBI bringing down the amount of dollars one can
take out of the country, students may have to trim expenses and redraw their strategy. This
article offers quick solutions to tide over the crisis.

Students aiming for higher education in foreign universities are a bit nervous about their future.
A rapidly depreciating rupee was the first blow. The second one was from the Reserve Bank of
India (RBI) a few days ago. In its bid to arrest the free-falling rupee, the banking regulator has
brought down the amount of dollar one can take out of the country from $2,00,000 to $75,000 in
a financial year. "Education loans and remittances related to overseas studies are a part of the
$75,000 limit, but if someone wants to remit a higher amount, they can do so with prior
permission of the central bank," says the RBI spokesperson.
That statement sure offers a ray of hope for those who have the wherewithal, but for others the
only way out is to prune expenses and redraw the strategy to fund education.

"Almost 60-70% of students who go abroad will not find it difficult to adhere to this limit.
However, in case of several programmes, particularly the MBA courses, the course fee itself will
exceed the $75,000 limit," says Naveen Chopra, founder and chairman of the Delhi-based
overseas education consultancy firm The Chopras. That means the RBI move could have an
impact on some management programmes immediately. "The comfort level has already shrunk.
Students who have enrolled in high-end universities or have taken up courses with huge course
fee, will have a tough time," adds Chopra.
Cutting corners

Most Indian students are known to lead an almost nerdy life in foreign universities. This habit, if
inculcated, will sure help the future candidates. "Indian students are usually quite thrifty while
studying abroad. In the US, for a post-graduation course, the annual fee is typically in the range
of $25,000-40,000, on an average. Living expenses could be around $15,000 a year, depending
on the lifestyle," says Swati Salunkhe, managing director with career counselling firm The
Growth Centre.

If your total expenses including course fee and living expenses in a financial year exceed
$75,000, you will have to make some adjustments to your plan. That includes compromising on
the university or institution you have always aspired for. "You can look for cheaper educational
destinations. For instance, Australia, Germany, Singapore, and Canada are some of the countries
that one can consider to pursue studies. The reasons are varied like low tuition fees or low living
expenses and even work permits, which make these countries appealing," says Salunkhe.

You should also look for options to secure scholarships and tuition waivers. Similarly, you can
also try to get subject credits by shortening the duration of the course. "Students studying abroad
can get the benefit of completing the course in lesser duration by taking up the subject credits
during the vacation period given by the university. Most international students do not take break
during the course of study and complete the required credits faster as it helps them reduce the
course duration and also save on the travel costs. This is possible as the universities abroad
provide flexibility for students," adds Salunkhe.

Funding options

Obviously, obtaining a scholarship is the best way to fund your studies and overcoming the
problems of restrictions on taking dollars out of the country. Another option is to take up part-
time jobs. "They do, and need to, look for these jobs, irrespective of any constraint of bringing in
dollars from India. Such income will help them fund their regular, day-to-day expenses," says
Chopra. Therefore, identifying the right assignment should be your first priority as soon as you
are reasonably settled. "International students who are studying full-time courses in universities
abroad are allowed to work part-time, generally 20 hours in a week, in most of the countries.
These part-time jobs are generally on-campus and off-campus.

Students have to complete the required formalities to work offcampus," says Salunkhe. Off-
campus jobs could include odd jobs in malls, restaurants, gas stations and shops. "US universities
have more options of teaching assistantship. This is provided to students pursuing their master's
courses. They get a stipend amount for the same. Students who are pursuing researchbased
courses have the option of getting research assistantships. Working in libraries, university stores,
canteens are considered as on-campus part-time opportunities for students," she adds.