In today’s time, people’s purchasing power has declined significantly due to inflation and high living costs. The situation is particularly concerning in metro cities, where exorbitant residential property costs and sky-high prices of goods and services make a huge dent in people’s pockets. Amid this, a startup founder has sparked a discussion online over the high cost of studying abroad. “Education is no more affordable,” said, Aviral Bhatnagar, Founder and Managing Partner of AJVC, a pre-seed fund investing in Indian startups.
In a LinkedIn post, Mr Bhatnagar, who is an alumnus of IIM-Ahmedabad and IIT-Bombay, stated, “Indians are spending more than 60% of their retirement savings on their child’s foreign education”. “50L+ spent is a challenge for affluent Indians, who would make the top 0.5% of the country. Not home buying, but education is the biggest worry. Education is no more affordable,” Mr Bhatnagar added.
Take a look below:
Mr Bhatnagar shared the post a few days back. Since then, it has accumulated several reactions. His post sparked a discussion online about the rising cost of education. Some users also questioned the real value of a foreign degree.
“I believe, the hype behind getting a lavished degree needs to be controlled. Spending more than half of one’s Net worth has become a norm. I maybe wrong, but majority of the students going abroad are driven by fascination about foreign land, western lifestyle etc etc. But reality is far fetched from what one perceives from the outside,” wrote one user.
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“this is honestly so sad… education should be free for all, as should knowledge. It’s not the institutes acquired knowledge anyways, how can they charge horrendous amounts to convey it?” commented another.
“And after spending so much abroad students come back to India and struggle to find jobs here as well. The debt trap continues,” expressed a third user. “Parents draining retirement savings for status-symbol degrees? It’s a dangerous trend. Education should build futures, not break bank accounts,” wrote another.
One user remarked, “And for what? Just a brand on the resume. I mean they can do it if they can afford it, but otherwise its just status seeking. In the end, recruitment soon will depend on skills.”
