Indian students are encountering significant financial hurdles in pursuing overseas education, primarily due to the sharp depreciation of the Indian rupee. This currency weakness has made studying abroad substantially more expensive, causing many to reconsider their plans.
The value of the Indian rupee has fallen by more than 10% against the US dollar in the last year alone. Since 2019, the rupee has depreciated between 35% and 47% against the currencies of major study destinations. This makes tuition fees and living costs much higher when converted from rupees.
This trend fits into a broader global economic picture where currency fluctuations are affecting international mobility and investment. The increased cost of education abroad impacts the financial decisions of middle-class Indian families, who constitute a large segment of international students. This situation affects Ghana by highlighting the sensitivity of international education flows to global economic conditions, a factor relevant to Ghanaian students and educational institutions considering international partnerships.
Sushil Sukhwani, founder of Edwise International, a firm that assists Indian students with overseas placements, confirmed the downturn. He stated, “The market is clearly showing signs of slowing down.” He added, “We’ve already seen enrolments to the UK and US fall by 20% over the last two years, and I expect another 10-15% decline from those levels going forward.”
Decision-makers in the education sector, particularly in countries like the UK and US, will need to monitor these enrolment declines closely. The shift towards alternative European destinations, such as Germany, Ireland, and Italy, suggests a competitive realignment in the international education market. This could prompt policy changes in traditional destination countries to attract and retain international students in the coming years. The ongoing economic pressures will likely reshape where Indian students choose to pursue their degrees.
The challenges extend beyond currency effects. Stricter visa requirements also deter prospective students. In the UK, 76% of universities reported fewer Indian student enrolments for the January intake. US enrolments saw a nearly 7% drop between February 2025 and February 2026. These figures represent a significant decline in what were once robust growth markets for universities.
Many students already studying abroad face refinancing their loans. They need additional funds to cover future instalment payments. This financial strain is forcing many to re-evaluate their educational investments carefully. The weakening rupee combined with a tough job market in the US and Europe makes the return on investment less certain.
Despite these difficulties, demand for foreign education remains, albeit with a geographical shift. The Global Student Flows Report 2026 predicts a 0.5% average annual decline in Indian student enrolments in the US, UK, Canada, and Australia through 2030. However, countries with lower tuition costs and better post-study work prospects are gaining popularity. Mayank Maheshwari, co-founder of University Living, noted, “Countries such as Germany, Ireland, Italy and several other European destinations are attracting increasing interest from Indian students because of lower tuition costs, favourable post-study work pathways, strong employment prospects and a more attractive overall value proposition.” This shift is a key implication for the global higher education landscape.