The depreciation of the dollar is not only stirring higher gas prices and expensive imports, but it’s making it harder for people to travel overseas as well.
As the dollar declines in value relative to other currencies, popular destinations like Western Europe and the United Kingdom become more costly. With one United States dollar buying only .64 euros or .5 pounds, living expenses nearly double once travelers venture across the pond.
This especially takes a toll on students wishing to study abroad, and recent trends show an increase in students studying in non-traditional regions, such as Asia and Latin America.
Dr. Brian Whalen, president and CEO of the Forum on Education Abroad, said that while the number of students going to Europe hasn’t decreased, students are now looking at non-European destinations for reasons that may include the rising value of the euro.
“We are seeing modest increases in study abroad numbers in East Asia, South Asia, Africa and Latin America,” Whalen said. “There are more new programs being developed in these areas, driven by increased faculty interest and a greater effort to develop a greater range of study abroad programs that relate to all areas of the curriculum.”
According to a report provided by the Institute of International Education, between the 2004-2005 and 2005-2006 academic years, the number of students studying abroad in Europe increased by only 4.8 percent, while those going to the Middle East increased by 31 percent, Asia by 26 percent and Africa by 20 percent.
Of all the countries recorded, China had the highest jump in interest with 38.2 percent more U.S. students studying there than the year before.
The IIE report also stated the number of U.S. students studying abroad has grown 150 percent in the last decade, with 223,534 students abroad during 2005-2006.
Whalen said despite rising costs, more and more students study abroad every year.
“I believe that universities and study abroad provider organizations are doing an excellent job of trying to keep studying abroad affordable by investing more financial aid and advising strategies,” Whalen said.
Western Europe is especially a popular region for Baylor students, as the Baylor in Maastricht program in The Netherlands is designed to allow several weeks of travel around Europe.
While Dr. Michael Morrison, Jo Murphy Chair and Director of International Education, hasn’t noticed any discernible shift among where Baylor students are studying, he suspects that “if the dollar continues to slide, [there] may begin to [be] a reduction in European travel generally and that it, in turn, may be reflected in study abroad, as well.”
The Chronicle of Higher Education reported in December that the dollar’s declining value has caused some schools to cut back on study abroad programs and raise program charges to students.
In an effort to help control costs for students already studying in Europe, Baylor began this fall to purchase large quantities of euros and pounds, Morrison said.