With the American dollar reeling in the global economy, it is now more expensive than ever for students to study in Europe.

The value of the dollar recently reached a 31-year low against the loonie, the Canadian counterpart, and an all-time low against the Euro.

Yesterday, the Euro closed at 1.4163 against the dollar, and the loonie finished at about parity, reaching 1.0024 against the dollar.

Jim Gordon (sophomore-business) said he was in Canada before school started.

"I used to go up there for hockey tournaments as a kid, and the exchange rate was about $1.30 or $1.40," he said, "but now when I went, they said 'don't even worry about exchanging your
money.' "

These rates do not bode well for students with hopes of studying or traveling abroad.
Ray Lombra, professor of economics and associate dean of administration, research and college advancement, said the continuing decline of the dollar could be intimidating to those intending to study overseas.

"The cost of airfare is high, the cost of living [abroad] is high and it can look very unattractive," he said. "We know how important it is for our students to go abroad and we encourage our students to obtain an international experience."

Lombra said the liberal arts department is working hard to acquire adequate funding for students going abroad.

Students could feel the consequences of a weak U.S. dollar even in alcohol choices.
Ryan Heron (senior-labor and employment relations) was in Dublin, Ireland, this past summer and said "the exchange rate was murder. I had to pay about $8 for a pint of beer."
Chicago-based professional trader, Tim Morge, estimates the Euro could be trading as high as two-to-one against the dollar if the current trend continues.

"We all used to make fun of the Canadians," he said.

"Now, nobody's making fun of the Canadians, Australians or New Zealanders."

Economists attribute the decline of the U.S. dollar to a variety of factors, including the slow growth rate of the U.S. economy, the decline of interest rates and the increased investment in the Euro.

Morge said many of his professional trader colleagues, who routinely deal in billions of dollars, don't keep their savings and investments in the dollar anymore.

Some students, however, are set on going abroad, no matter how high the exchange rates in other countries end up being.

"[The exchange rate] is going to be a problem, but whether I have a little or a lot of money, the experience is more important to me," John Mayerhofer (sophomore-meteorology) said.