Two international communities at DePauw were affected by a change in the exchange rate which resulted in an indirect increase in their school dues.
Over the years, DePauw has worked to increase its international population. Today, 14% of the student population is from across the globe including countries as far as Mongolia. An international representation of nations can bring about a unique twist to the average college experience. Students of different cultures, races and beliefs develop acceptance, respect and considerate attitudes amongst peers.
Rain Chen, a first-year from China, was excited to share the increased value of Chinese Yen against the dollar. Approximately two months ago, $1 was equivalent to 6.33 Yen. With an increase in the value of Yen, the recent rate is $1= 6.29 Yen. The impact of this development in the currency exchange is such that Rain, who paid 253,200 Yen annually, will now be paying 251,600 Yen. This saves him 1600 Yen annually. “The currency exchange has resulted in joy for the Chinese community at Depauw,” Rain said.
As Rain’s experience shows us how currency rates can be a source of relief for students, even though the school remains unaffected, the other side of the picture remains unseen. Shahraiz Niazi, resident assistant of Humbert Hall and a junior from Lahore, Pakistan had a different experience with currency rates over his three years at DePauw. When he was flying to the States in August 2015 for the first time, he brought $5,000 in cash which was equivalent to 505,000 Pakistani rupee (PKR). Back then, 101 PKR = $1, while in the past month the rupee had fallen to where $1 now equals 115 PKR.
This drastic increase has been a source of great distress amongst the Pakistani Community. “I never expected my fee to increase such a drastic amount from what it was at the start of school,” Niazi said. “I now pay PKR 14 extra on each dollar than what it was freshmen year.” The increase was slow over the years, but the recent jump from PKR 112 to 116 caused a tremendous jump in dues for the Pakistani students whose families had to bear the burden.
The currency exchange fluctuation is a reality of global economics. It is a factor that affects international students whether it be a positive or negative way. The office of International Student Services at DePauw has worked efficiently to solve problems the international community encounters.
Responding to what International Student Services (ISS) could do in a situation where a student encounters currency value drop which results in a financial crunch for them, Aliza Frame, director of ISS, said, “We always consider such situations depending on how significant the change is.”
When an earthquake hit Nepal in April of 2015, temporary protected status was granted to students affected. Frame said that this is a possibility if a similar situation were to occur.
“We acknowledge this possibility as it is something that students could face,” Frame said.
