Want to Study in Europe? Now´s the Time!
April 17th, 2015 by Lette Berhe

ThinkstockPhotos-494123775For those U.S. citizens and permanent residents who have been thinking of studying abroad or enrolling directly in a European university, there´s good news for you! Over the past couple of months, the euro has been dropping in relation to the dollar; for the first time in about 12 years, it has fallen below $1.10. Why is this important? In terms of  budgeting for your time abroad, the European Central Bank (ECB) has just helped you out. If you´ve been on the fence about whether or not now is the time to study in Europe – the answer is yes!

What is the European Central Bank?

In the United States, the entity that heads our monetary and financial system is the Federal Reserve. The European Central Bank, based in Frankfurt, Germany, plays the same role for all the countries that use the euro as their single currency. The countries that currently utilize the euro are the following:

  • Austria
  • Belgium
  • Cyprus
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Ireland
  • Italy
  • Latvia
  • Lithuania
  • Luxembourg
  • Malta
  • The Netherlands
  • Portugal
  • Slovenia
  • Slovakia
  • Spain

Weak Euro. Strong Dollar. What does it really mean?

Last month, CNBC published an article titled ¨Take full advantage of weaker euros on vacation¨,  where market reporter Dominic Chu breaks down the relevance of the euro dropping for American tourists. For Americans, the euro drop makes the dollars stronger, which equates to consumers having more purchasing power on items sold in euros. To break it down – a weak euro means that, in the countries mentioned above,  you can buy more things and it will be cheaper than before.

So, why study abroad now?

Although, Chu focuses his argument on tourists and vacationing, this same idea can be applied to those of you who are thinking about studying abroad. The biggest concern for students who are interested in studying internationally is the cost; with a strong dollar working in your favor, these costs have just gone down. The five areas where you´ll probably do the most of your spending are: living expenses, food, entertainment, other bills, and educational supplies. When going abroad the dollars you take will need to be exchanged, and with the current exchange rate you’ll get more bang for your buck.

For some, living expenses and food may be included in your upfront payment and for others it will be part of your international experience. If you are left to your own devices in looking for an apartment, then you can be thankful that paying rent and buying food will be cheaper. Although studying will be your main priority, participating in the culture is part of the experience. Expenses such as trips, sports games, going out, etc., have just become a lot more probable.

Monetary exchange rates are constantly fluctuating, so the upper hand you have now may not last forever. Sometimes opportunities present themselves and you just have to take the chance.

Remember, having a clear idea of where your money will probably go (or where you want it to go), helps to make it last longer. Check out how to create a stable study abroad budget!

 

14 Comments

  1. Kpiinzie Emmanuel says:

    Hello,
    I am a Ghanaian student interested in studying abroad.I will to be happy to receive loan covering all expenses from Ghana to Europe to study.
    Hope to hear from you soon

    Contact:(whatsupp)
    +233549827178/+233509525178

    • Jennifer Frankel says:

      Hi Kpiinzie – thanks for your message. We unfortunately don’t have loans for non-US citizens studying outside the US, even without a US cosigner. You may be interested in scholarship opportunities, which you can see at InternationalScholarships.com.

  2. sylvia says:

    I applied to study diplomacy and internationalrelations from Coventry university and fortunately i happened tobe accepted unfortunately im unable to raise the funds . how can i appply for aninternationalscholarship in UK?

    • Jennifer Frankel says:

      Unfortunately we do not offer international student loans for non-US citizens studying in the UK. You can learn about scholarship opportunities at our partner, IEFA.org.

  3. mathews viola says:

    Am not a us citizen am from Malawi southern part of Africa.i had been looking for education opportunity since I finished my secondary school.but because of my poor status I can’t afford to pay university,if there is any opportunity for me to access education please help me.

  4. morteza says:

    hello.
    i’m an Iranian who wants to study in the USA in master degree, but i have no money to study in the USA. I really like to know that i could receive loan from you, and despite that i do not have any relatives in the USA. please let me know the conditions.
    thank you

  5. George manyike says:

    Am not a US citizen am from Tanzania,I had looking for college s opportunity,because of my poor I don’t thinking I can afford to pay university,but when there is an opportunity please trying to help me.

  6. sheikh farooq says:

    hy,
    i want to study in France,my elder brother lives thier from 2000, he is a french national and pay all tax, can he help to get international student loan.

    • Jennifer Frankel says:

      Unfortunately, our loan programs are for international students from anywhere in the world studying in the United States, or for US students studying abroad. We do not currently have a program for international students studying elsewhere in the world, even with a US co-signer.

  7. Jennifer Thomas says:

    I am interested in getting my degree in the UK however I’m unsure about how to financing my education and housing. Please assist.

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