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Tags: finances
According to an article in the Philadelphia Inquirer:
- The number of students who study abroad has doubled from 100,000 to 200,000 over the past decade
- Over 900 U.S. higher education institutions offer study abroad programs
This booming interest in studying abroad has happened because more institutions are realizing that studying abroad is an integral part of an undergraduate student’s career.
But along with the surge in interest more and more students are finding it difficult to pay for these study abroad programs, even if they already receive financial aid from the school.
Much of this is due to European exchange rates. Nearly 60% of Americans who study abroad travel to Europe, and right now the euro is making a killing on student budgets.
The article states, “The current exchange rate between the U.S. dollar and the euro is a staggering $1.49 for each euro. For one British pound, the cost is $1.90. This means that a cup of coffee costing 5 pounds is actually almost $10.”
Because of this many students are choosing more affordable alternative to traveling to Europe, such a Hanna von Schlegell, who studied Arabic in Tunisia. And there has been an increase in students who visit Buenos Aires, which has a European feel but costs much less.
As of now many students are choosing non-traditional study abroad destinations like Latin America, Africa and South Asia, while colleges anxiously wait for Congress to approve the Senator Paul Simon Study Abroad Foundation Act, which would send one million American students to study abroad annually, especially to developing countries.
Here’s the entire article.
Studying abroad is truly a once-in-a-lifetime opportunity for students, and the government should enact proper changes to make sure that all students get some sort of cultural integration with other countries.
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