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Declining Dollar Has Colleges Scrambling to Cover Study-Abroad Costs

December 6, 2007

As the dollar dips to all-time lows, study-abroad programs are feeling financial pressure, forcing colleges to cut costs, tap reserve funds, or increase charges to students.

In the last year alone, the dollar’s value has tumbled 5 percent against the pound, 7 percent against the yen, 10 percent against the euro, and 14 percent against the Canadian dollar. Brian J. Whalen, president of the Forum on Education Abroad, an independent organization of study-abroad providers, estimates that the dollar’s performance has forced colleges’ study-abroad costs to rise 10 to 15 percent over the last several years.

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