Study-abroad students, beware: Street peddlers pushing tacky souvenirs won't be your only obstacle as you travel the globe this summer.
The falling value of the American dollar, an unbroken trend since 2002 that has recently become more severe, will increase the costs of international flights, food and foreign goods. However, that hasn't deterred UF students from signing up to study overseas.
Turmoil in the domestic economy, brought on by factors like the subprime housing crisis and the country's large trade deficit, have influenced investors to distance themselves from dollars before a possible recession hits, UF economics professor David Denslow said.
And as the greenback falls, many investors have looked to other currencies like the European Union's Euro for a more stable and attractive replacement.
According to an estimate from The Economist magazine, as of last week one U.S. dollar can buy only .63 Euro dollars.
Students hoping to see the world this summer may face the biggest hit, Denslow said, as costs for American travelers will have increased about 35 percent since the dollar's peak in 2002.
UF Study Abroad Services coordinator Susanne Hill said that due to the dollar's decline, study abroad programs across the country, including UF's, have gotten pricier.
Some of UF's trips, which range from about $2,800 to about $5,800, now cost as much as $500 more than they did last year.
Independent programs outside of the university, which about 25 percent of UF's study abroad students attend, have also said their upcoming fall trips will feature higher price tags.
Still, the price increases haven't negatively impacted UF's study abroad programs, Hill said.
In fact, Hill said, more students applied for this summer's trips than last year's - about 1,200 students in total.
UF advertising junior Jennifer Meyerson, who will be visiting Greece and Spain this summer, said the opportunities are worth the costs.
"I know I'll be traveling with some really amazing professors who are really talented," Meyerson said. "I know I'll learn a lot more from them there than when I'm on campus. I think it's worth it."
In the short term, Denslow had little advice for world travelers other than to save money.
"Before you travel," he said, "try and make friends with European students here who are enjoying the good life and see if they can treat you to lunch."
