Kenyans studying in foreign universities are reviewing their education budgets after the weakening shilling inflated fees and other costs by more than 10 percent. FILE PHOTO | SHUTTERSTOCK
Kenyans studying in foreign universities are reviewing their education budgets after the weakening shilling inflated fees and other costs by more than 10 percent.
The students footing their tuition and accommodation in foreign currency are hit by fluctuations that disadvantage them at a time households are grappling with a high cost of living.
The currency fluctuations are especially worse for students paying for their education in instalments as the exchange rates remain unpredictable.
“We set out to pay tuition in three instalments for our son pursuing a foundation course in the UK with the last and final one set for the first week of April. The total cost is now Sh230,000 more,” Mary Mathenge, a parent told the Business Daily.
At the time her son enrolled for the course in September last year, Sterling pound exchanged for Sh140 but has since shot to 155 alongside other bank charges.
Nancy Kemboi paid tuition fees in full for the first year of study for BSc Nursing in Finland, cushioning her from the painful forex see-saw.
“The programme study period is three and a half years and I am feeling the heat when footing my accommodation fees which I pay in Euros,” said the student of Tampere University of Applied Science.
The Euro is exchanging at Sh138.7 compared to 124.3 it did last June.
International students in Kenya and paying fees in shillings are also decrying tough times owing to the fluctuating currencies.
“I have to convert the Burundian Franc to US dollars then to Kenyan shillings which end up pushing up the total amount paid in tuition fees,” said a foreign student at Daystar University.
The Kenyan shilling has lost 13.3 percent of its value against the US dollar over the past year in a performance worsened by the Russia and Ukraine conflict that triggered global oil inflationary pressures.
Dollar shortages have been witnessed after Russia’s war in Ukraine disrupted supply chains affecting the availability of items such as wheat, edible oil and fertiliser, thus raising their prices.
More students prefer pursuing studies in the US, Canada and the UK owing to the quality that allows them to compete for employment opportunities more favourably.
