The U.S. dollar is losing its value to other currencies. Initially, it was caused by a large deficit in trade and spending over a few recent years, according to analysts. This situation causes financial experts’ concerns. This might threaten the U.S. financial stability, as slowing economy is not the most attractive factor to investors. But let’s not go into the details of U.S. economy. I am offering you to figure out how the dollar decline can influence students. Study-abroad programs, to be more exact.
The dollar sags, the costs for college study-abroad programs rise. Over the last few years the prices have gone up to 10-15%. And that is quite a sufficient jump. The dollar went down by 5% against the pound, and by 10% against the euro (over the last year alone). Provided that Europe is the most popular place for study-abroad programs with American students, affording tuition fees becomes a serious financial problem for most young people.
Nearly 60% of U.S. students engaged in study-abroad programs opt for Europe. Italy, United Kingdom, France, and Spain are among Americans’ favorite study-abroad destinations. So, is there a way out for those who do not want to give up the idea of getting an education abroad, except for quit college?
If you are attracted by the idea of studying abroad, do not fall for the most popular places. Try to find a cheaper program in one of the countries, where the dollar has more value. This way you will reduce the amount of your student loan, and other necessary expenses.
Think about studying in Africa, South America, Russia, or Asia. The dollar out there has more buying power and is estimated higher. Though it might seem less romantic than the Eiffel Tour, Big Ben, or the Leaning Tower of Pisa, the study in these less mainstream destinations will not leave you with a hole in your pocket.
Choose a short-term program instead of a year- or semester-long one. Find out whether the program you want to participate in qualifies for federal financial aid. If this option is available to you, your college loans and federal grants will be of great assistance to you in paying the program’s fees and tuition.
A student credit card is a smart choice for students here, in America. But as for study-abroad programs, it is no option. When going abroad to study you are to get a federal parent student loan, graduate student loan, or undergraduate student loan, according to your status. Besides, you can try to win a scholarship for study-abroad programs.
N.B. Remember that federal student loans come with more favorable terms and give more options rather than private student loans. And you should not forget that when it comes to student loans your credit also matters. It will be easier for you to qualify for one of the student loans with a good credit or an excellent one.
Of course, education these days is very expensive. And far not everybody can afford it. Especially an experience of studying abroad. But education is, probably, the best possible investment that you can make, particularly when you are young.