Asian economic crisis affects students

The economic crisis in Asia has extended far beyond its original borders -- its seismic effects are being felt even at the University.

Since last July, the value of Asian currency has fallen rapidly while the U.S. dollar has remained strong, resulting in a situation in which many Asian students are paying more to attend U.S. universities. This is because of the change in the exchange rate between the United States and Asian countries, said Bee Yan Roberts, associate professor of economics.

A University student from Malaysia, Adeline Tang (senior-marketing), said her parents are paying almost twice as much for her education as they were paying when she was a freshman because of the decreased value of the Malaysian ringgit. Many Malaysian students in the United States have had to return to Malaysia or enroll at a university in a country such as Australia, she said, where the exchange rate is lower.

- Jim Lynch, director of international students and scholars

Thitinun Chotikacharoensuk, president of the Thai Student Association is studying at the University with a scholarship from the Thai government. But since the crisis began, the government has cut her stipend by 10 percent and significantly reduced the number of scholarships available for study abroad, Chotikacharoensuk (graduate-horticulture)said.

"Right now is a difficult time for Thai students," she said. "We must concentrate on our studies and try to graduate as soon as possible so the government can save money."

The University Office of International Programs was expecting nine students from Thailand for the Spring Semester but only one arrived to enroll, said Jim Lynch, director of international students and scholars. He said the Thai government probably could not afford to send the rest of the students.

About 20 percent of the international students enrolled at the University are from Asian countries affected by the crisis, Lynch said, but he is concerned that that number may decrease in the Fall Semester if the crisis continues. The University is looking into possible temporary solutions, he said.

"We've allowed students who are recognized by this office as having financial problems caused by the Asian crisis to have an extended payment plan," Lynch said. "But there really aren't that many resources available."

Although Lynch said the brunt of Asia's economic problems must be worked out by the individual countries, the U.S. government should provide regulatory relief so Asian students can continue their education in the United States.

The crisis began in Thailand last spring and rapidly spread to surrounding Asian countries, Roberts said. After thriving economically in the 1980s, Thailand went through a brief slow period in which many people lost faith in their investments and wanted their money back, she said. Thai banks and businesses could not repay their loans, she said, and the crisis "snowballed" from there.