With the U.S. dollar at an all-time low and continuing to lose value to other currencies, many college study-abroad programs are becoming increasingly expensive.
Colleges’ study-abroad costs have gone up 10 to 15 percent in the last few years due to the flagging dollar, reports Karin Fischer in the Chronicle of Higher Education (“Declining Dollar Has Colleges Scrambling to Cover Study-Abroad Costs,” Dec. 6, 2007).
If you’re drawn to the idea of study abroad but concerned about being able to cover the rising costs, you may be able to find lower-cost program options in less popular destinations and in countries where the dollar holds more value. By opting for a lower-cost destination, you may be able to keep your study-abroad program more affordable and minimize your need for student loans.
Study-Abroad Costs on the Rise
Almost 60% of study-abroad students from the United States choose a program in Europe, reports Fischer. According to the Institute of International Education, the top study-abroad destinations are the United Kingdom, Italy, Spain and France.
But with the dollar down 5 percent against the pound and 10 percent against the euro in 2007 alone, students in European programs are finding that their dollar-based budgets don’t stretch as far as they used to. The purchasing power of their U.S. dollars is down from even just a few short months ago: Since the beginning of the fall semester, the dollar has already tumbled 8.5 percent against the euro.
Scrambling to keep up with the rapidly sinking dollar, some schools are cutting back on program offerings and raising program fees to students, even re-setting already-published costs for upcoming programs. Austin College in Texas, for instance, has already adjusted the price of one of its Greece courses four times since May.
Studying Abroad on a Budget
Despite rising costs and a declining dollar, you may still be able to find study-abroad options that are financially feasible and that minimize your need for student loans. As you’re filling out your study-abroad applications, here are some things to keep in mind:
1. Consider programs in South America, Africa or Asia where currency exchange rates are more favorable and your dollar will stretch further.
2. Ask your study-abroad advisor about less mainstream destinations that may have less expensive programs.
3. Select a short-term, instead of a semester- or year-long, study-abroad program.
4. Check whether your study-abroad program qualifies for federal financial aid, so you can use your federal grants and college loans to help pay your program tuition and fees.
5. Make sure your study-abroad program is approved by your school for transfer credit, so you don’t end up taking classes that you can’t count toward your graduation requirements.
6. Budget for higher living costs due to the declining dollar.
Financing Study Abroad
You can usually apply your federal financial aid awards to school-approved study-abroad programs — check with your financial aid office. NextStudent offers a variety of federal parent student loans, graduate student loans, and undergraduate college loans to help you finance your study-abroad program. You can also search the over 5.9 million scholarships in our award-winning Scholarship Search Engine for awards available specifically for foreign study programs.
If your study abroad costs still exceed your available financial aid, even after grants, scholarships, and federal parent and student loans, NextStudent’s Private Student Loans could provide the additional financial assistance you need. Federal student loans generally offer more attractive terms than private student loans, so make sure you take advantage of your federal financing options first.
NextStudent believes that getting an education is the best investment you can make, and we are dedicated to helping you pursue your education dreams by making college funding simple. Learn more about Student Loans, Private Student Loans and Student Loan Consolidation at NextStudent.com.
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