Islamabad: As foreign currencies continue to outpace the rupee, thousands of Pakistani students are rethinking their study-abroad choices. Rising costs have pushed many towards more affordable destinations, including Germany, Italy, Poland, Trkiye and parts of Central Asia, where lower expenses offer a more realistic path to overseas education. However, this shift often comes with difficult trade-offs, as students weigh affordability against university rankings, research opportunities and global recognition.
A US dollar now costs about Rs278, compared with around Rs160 in 2021, while the British pound is close to Rs373. Although tuition fees at foreign universities have changed little, the cost in Pakistani rupees has almost doubled. University deposits, blocked accounts, visa fees, health insurance, flights and living expenses are all paid in foreign currency, leaving families exposed every time the exchange rate moves against them.
“Ten to twenty lakh rupees used to be enough for a student to study abroad,” said an Islamabad-based study-abroad consultant who has guided hundreds of students over the years. “Now families need thirty lakh rupees or more just to begin.” It is only half the story. The other half is what students go through after they leave, he remarked talking to reporter.
Education consultants believe the shift has become impossible to miss. Ali Durrani, a counsellor at Suffa Travels, said roughly eight out of ten students now ask first about European countries because they are comparatively affordable and visas are easier to obtain than those of the traditional destinations.
Mahan, a counselor at IAUK, said European study visas are generally processed within two months, compared with up to six months for the United States, Britain, Canada and Australia. Ahsan, an adviser at SAUK Study Advisers, said Turkey and Malaysia are also becoming increasingly attractive because the overall cost of studying there is significantly lower.
According to Zarnab International Education Consultants, families are arranging money from every possible source even selling their hard-earned assets to finance overseas education through destinations with better visa prospects.
The exchange rate continues to shape students’ lives even after they arrive.
Umair, an electrical engineering student in the United States said, he borrowed money from relatives to finance his first year. Within one semester, rising costs had exhausted most of his funds. He began taking food-delivery jobs, repair work and other odd jobs to survive before eventually leaving his degree unfinished and applying for asylum in the hope of obtaining permanent residency.
Others continue trying to balance study with survival. Anees, a student in the United Kingdom, attends lectures during the day before working nights as a food delivery rider or security guard. Usman, an undergraduate in Canada, said long working hours have affected his academic performance because exhaustion leaves little time to study.
Ironically, students who eventually secure employment abroad benefit from the same exchange rate that once worked against them. Salaries earned in dollars, pounds or euros make it easier to repay debts in Pakistan, reinforcing the growing tendency among graduates to remain overseas.
Consultants say these trends are also influencing visa decisions. According to ICEF Monitor, refusal rates for Pakistani students reached 41 percent for UK study visas in late 2025 and early 2026, 53 percent for Australia in February 2026 and 71 percent for the United States. More than eight in ten British universities also reported declining Pakistani postgraduate enrolments, while refusal rates in parts of continental Europe have reached around 62 percent.
Although commercial banks, the National Bank of Pakistan, the Higher Education Commission, Akhuwat Foundation and Ihsan Trust offer education financing, none can protect borrowers from exchange-rate volatility.
“We approve a loan based on today’s exchange rate,” said a banker handling study-abroad financing. “If the rupee falls further before the next installment is due, the family falls short. There is nothing in these loan papers that adjusts for that.”
Despite the financial burden, demand for overseas education remains strong. Student visas issued to Pakistanis for the United Kingdom, United States, Canada and Australia nearly quadrupled between 2019 and 2025, with Britain alone issuing more than 35,500 student visas to Pakistanis in 2024.
“We used to tell students to pick the best university that accepted them,” the Islamabad-based consultant talking to reporter said. “Now we also tell them to think about whether they can survive there if the rupee falls another twenty rupees while they are still studying.”
For a growing number of Pakistani students, the biggest decision is no longer which university offers the best education. It is which country the exchange rate still allows them to afford.