Once upon a time—when the U.S. dollar was king—American students blithely flocked overseas to nibble on affordable scones and croissants between classes. How times have changed. As the dollar dips to all-time lows, college students are feeling the pinch. Especially in the United Kingdom and countries that use the euro—which currently is at 68 cents to the dollar—the cost of living has skyrocketed. “Years ago we could say studying abroad was the same price as staying on campus,” says Daeya Malboeuf, an associate director at Syracuse University. “There’s no way we can say that anymore.” Yet this unfavorable economic environment hasn’t stopped students from scrambling overseas. According to the Institute of International Education, study-abroad programs have grown 144 percent in the past decade and continue to increase around 8 percent each year. Considering the rising costs, “it’s surprising how little the students haven’t been deterred,” says Natalie Bartush, who handles the study-abroad program at the University of Texas.
U.S. News and World Report
The Dollars and Cents of Study Abroad