New Delhi: The rising cost of education is putting a growing strain on Indian family budgets, both within the country and overseas. A recent post on X (formerly Twitter) by Kaushik shed light on the sharp increase in spending on foreign education: “A decade ago (2013–14), Indian families spent Rs 2,429 crore to send their children abroad for higher studies. Fast forward to 2023–24, and that number has skyrocketed to Rs 29,000 crore — a 12× jump in just 10 years.”
Kaushik also pointed out a lesser-known but significant issue: the hidden costs of sending money abroad for education. These include banking fees and currency exchange markups that often go unnoticed by families. He explained, “But here’s the sting in the tail… In 2024 alone, over Rs 1,700 crore vanished in hidden banking charges and currency exchange markups. That’s money which could have paid for months of rent, extra courses, or even a semester’s tuition — gone before it reached the student.” (Also Read: Bank Holiday Alert: Know Which Days Banks Will Be Shut This Week, Aug 25–31— Check List)
He says the sharp rise in spending is mainly due to three key reasons:
– More students are opting to study abroad than ever before
– Tuition fees and living expenses in other countries have gone up significantly (Also Read: Global Cues, Fed Rate Cut Signals Among Major Factors To Drive Indian Stock Market Next Week)
– Banks and money transfer services are quietly charging high fees for currency conversion and international transfers
The Hidden Cost of Chasing Global Education Dreams
Studying abroad is becoming a dream come true for more Indian students but it comes at a steep, often invisible price. While the number of students heading overseas is rising, so is the financial burden on their families. From hidden banking fees to high transfer charges, parents end up paying what feels like a silent tax just to support their child’s education. Until smarter, low-cost, and more transparent payment systems are in place, this “silent tax” will keep widening the gap—making global education an option only for those who can truly afford it, while others struggle to keep up.
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