Freddie Mac and Fannie Mae aren't stopping UF students from going overseas, but the high price of studying abroad has forced students to alter their plans to make the trip more affordable.
As a result of the current economic turmoil, the study abroad industry has slowed, and the number of students in some organizations has decreased, said Chris Schiffhauer, the executive director of operations for Abroadco, an Arizona-based independent study abroad company.
Schiffhauer said he thinks many employers value studying abroad.
He said studying abroad is a vital part of a college education, so families will find a way to send their sons or daughters overseas.
"We have noticed that the number of students who are using financial aid to study abroad has increased," he said.
Because the currency exchange rates are unfavorable to the U.S. dollar, Schiffhauer said, his company was required to raise its prices.
UF study abroad advisers couldn't be reached for comment.
Kelly Corrigan, the marketing and university relations director for University Studies Abroad Consortium, a Nevada-based independent study abroad company, said despite the downward-spiraling U.S. economy, the number of students interested in studying abroad has remained the same.
However, the study abroad industry has experienced a trend of students choosing the shorter and less expensive summer programs, Corrigan said.
She said she believes her organization and others are having difficulties making study abroad trips accessible to all students.
"I think what we're challenged with is finding scholarship opportunities for the students and making sure there are tons of options for them," she said.
Kristel Gomez, a UF freshman, said the first question she asks study abroad advisers is if they offer scholarships and financial aid.
Gomez said she believes studying abroad will enhance her college education.
"Being that my major is architecture, I know I can get a more wholesome experience outside the country because all ancient architecture and modern architecture started all the way over there," she said, referring to Europe and Asia.
Xodhil Jaen, a UF food and resource economics junior, said she's trying to make her study abroad trip as affordable as possible by reconsidering her destination possibilities.
"I'm considering Latin America because it is cheaper than to go to Europe, where the euro is so high right now," she said.
Still, Suzanne Rommelfanger, a program development consultant for CAPA International Education, another study abroad center, said she doesn't believe the bad exchange rates will stop students from studying abroad in Europe.
"I think London and Florence will always be hot spots," she said. "They are traditional destinations, and they are never really going to go out of favor just because of what they are and what they can offer to students."
Students shouldn't let the current economic situation stand in the way of a study abroad experience, Rommelfanger said.
"I'd say you can't put a price on it," she said. "It only happens once or maybe twice in a lifetime, and where there is a will, there is a way."
