Correction appended

As the value of the U.S. dollar continues to plunge compared to the euro and the British pound, GW students abroad are beginning to feel the pinch.

Ryan Fox is a junior studying abroad in London, where the British pound is approximately double the value of the U.S. dollar. He worked throughout the summer and during fall semester to save money for his trip, only to go through all of it in a month and a half.

“It was pretty demoralizing when I found out that all my hard work had granted me a month and a half of financial support abroad,” Fox said.

Fox has found ways to save money in a notoriously expensive country. He cooks for himself and stays away from eating at high-end restaraunts. Even Starbucks can cost eight American dollars.

But Fox said the thrills of studying abroad outweigh the financial burdens.

“It’s tough being in a place where your home currency isn’t as valuable as you’re used to, and obviously I’d prefer to be on the other side of things, but the best way to handle it all while abroad is to simply enjoy being abroad and think about the money later,” Fox said.

Giavanna Palazzolo, a spokesperson for the Institute for International Education of Students, said the U.S. dollar is a topic her organization is asked about frequently. Although it has not yet had a detrimental impact on study abroad applicants – which are up 43 percent for next year – it may have contributed to regional shifts in applications. More students are studying in South and Central America, China, India and South Africa.

Robert Hallworth, the director of the study abroad office at GW, said GW has not gotten feedback from students who see the weakened value of the U.S. dollar as a serious issue, nor have the regional preferences of GW students studying abroad changed significantly. Of the top five locations for GW students, four are in Europe.

Cory Carlson, a junior abroad in Italy, said the exchange rate is costly.

“Many American students . are eager to travel the continent, but we are limited more and more by the falling exchange rate of the dollar,” Carlson said. “Every day on the way to school I walk by the currency exchanges that post the current rates: $1.45 per euro … $1.47 … $1.53. The greenback is hurting, and every American in Europe knows it.”

This article has been changed to reflect the following correction:

Correction, March 13, 2008

The Hatchet misrepresented the gender of Giavanna Palazzolo. Pazazzolo is a female.