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What is the US dollar doing for your education?
As the US dollar hits a record low against a multitude of currencies, Americans think twice about studying abroad, while others may finally be able to attain the American education they’ve dreamt of.
“Dollar plunges to 15-year low.” “Dollar falls again amid growing US fears.” “US Dollar heading for collapse.”
Throughout the past couple of years media worldwide have experienced a sea of headlines documenting the slump in the US dollar value. We know how this affects the day-to-day lives of Americans and the rest of the world – from mortgage rates to holiday budgets – but how will the state of the US dollar make or break your study abroad aspirations?
“I’ve always dreamt of going to university in the states,” says Dominico, an Italian undergraduate student majoring in political science at UCLA, “but the high cost of an American education always prevented me from applying to American schools.”
Dominico struck lucky once it was time to embark on his university career. The US dollar, which traded at a low of US$0.77 against the Euro in 2006, was a lucky strike for Dominico who is thinking of remaining in the US after graduation. “Life is by no means cheap in California, but when I remember to think in Euros I’m always relieved.”
This is all great news for European students (and students from many other nations) but what does it mean for Americans wanting to grab that cultural edge of having studied abroad? It means go ahead if you’re rich, and why not go ahead even if your bank account balance isn’t something to write home about!
The catch is that you might have to get that dreaded part-time job at the campus bookshop or borrow more money than you hoped to. Taking a semester abroad in Western Europe, for example, usually won’t alter your tuition fees but it will possibly create a bit of a strain on your wallet unless you go the extra mile by getting that part-time job or finding another source of student finance. So is it worth it for Americans?
That depends on if you’d rather save money and possibly forgo extra work, or spend time abroad gaining a new perspective on the world and maybe learning a new language while you’re at it.
Whether you’re looking to study in the US or you’re an American itching to study abroad, finances will play a part in your decision whether or not to take the plunge. Before deciding, look closely into your options. Exchange programs, offered at top universities around the world, are always a good option. Why? Because the close relationships between partner schools offering to ‘exchange students’ for a month or a year (depending on the program and your plans) can be advantageous when it comes to finance as the ties ensure students don’t spend too much more abroad than they would at their ‘home’ university. And of course, schools offering exchange programs almost always have a good international student team there to address any concerns you have about studying abroad, whether they be finance related or otherwise.
The decline in the value of the US dollar can work for or against you, so why not think about the benefits of studying abroad, no matter where you are physically and financially at the moment. After all, such an experience really is priceless.
Study Abroad