Students Abroad Hurt by Slumping Dollar

Harvard may have invented its own currency, but Crimson cash won’t get you far in Europe.

This semester, students studying abroad have watched the dollar’s tumbling value in dismay, as it jacks up the cost of their time abroad.

When David H. Garcia ’09 arrived in Paris this September, he didn’t expect the sharp difference in prices.

“There was definitely a [price] sticker shock,” he said. “I was not totally prepared.”

In the past year, the dollar has fallen by 5 percent against the pound and 10 percent against the euro, hitting record lows. At press time, one euro was worth 1.46 dollars, according to the Bloomberg currency exchange.

Students abroad this term made their decision to leave last March, when the outlook wasn’t quite so bleak.

Christina L. Elmore ’09 said that when she changed her study abroad destination from Argentina to Spain, she considered the exchange rate, but didn’t think it would make a major difference.

“I knew it would be a little more expensive,” Elmore said. “When I first got there, things weren’t too bad. Then it just got worse and worse and worse.”

Elmore said she finds it more economical to carry cash since Exchange fees tacked on by credit card companies and ATMs also add up in student budgets.

“Everytime you go to the ATM, it hits you,” she said.

Due to the dollar’s poor performance, some schools’ study abroad programs have increased their prices by 10 to 15 percent in the last few years, according to an estimate by the Forum on Education Abroad, an organization of study-abroad providers. Harvard offers few term-time study abroad placements. Most students who go abroad during the semester do so through programs at other schools.

Catherine H. Winnie, director of the Office of International Programs, said she sees no indication that the dollar’s fall has precipitated a drop in enrollment. The most popular destinations for Harvard students studying abroad in 2006-2007 were Italy, Spain, England, and France—a trend Winnie said was likely to continue.

Despite increases in the price of some schools’ programs, many students said their time abroad was still less expensive than a semester at Harvard.

Kelly D. Stecker ’09, who is currently studying in Italy, said she thinks the cost of living outweighs any tuition that might be deferred.

“You can find programs through other schools where the cost of courses is cheaper than a semester at Harvard,” Stecker said, “but once you factor in living costs, it’s really not.”

Many students abroad also said they felt it was the experience that was important to them, and not the price. Garcia said he wouldn’t change his destination of study even if he could.

“I came to Europe because I wanted to learn a language, and immerse myself in a culture,” he said. “No other place could have offered it. It should be about where you want to be, not what it costs.”