A major factor in the cost of studying abroad which is usually overlooked is the foriegn currency exchange. "During the past year, the U.S. dollar has declined nearly twenty percent against the euro. On April 23, 2008, one euro was equal to $1.60, an all-time low for the dollar," according to iiepassport.org.
The weakening U.S. dollar is making the semester or year long stays abroad much tougher financially on students, the cost of flights and tuition are more expensive.
Although studying abroad costs are on the rise there are still measures that can be taken to counter the effects of the weakening U.S. dollar.
Because exchange rates vary alternatives to currency exchange would be travelers checks, atms, or credit cards. Studyabroad.com also suggests exchanging rates (if necessary) at airports or hotels, because they would offer the best rates. Bear in mind that rates may fluctuate daily, and from place to place.
It is best to familarize yourself with the currency in the new country you will be staying in so that you're able to create a budget XE.com provides a universial currency converter.
"Advisers have long been trying to get students to consider more unique study abroad destinations, and due to the current situation with the exchange rate, they may finally get their wish. For those who still want to study in the more popular destinations, or who still worry about affording a study abroad experience at all, numerous financial aid options are available, including scholarships, grants, fellowships and loans," according to studyabroadfunding.org.
