Record high Aussie a two-edged sword

by Emil Goh

May 19, 2008

AUSTRALIANS studying overseas may find themselves with more spending power as the Aussie dollar opened at a 24-year high against the greenback on Monday.

The Aussie was trading at over US$0.95 on May 19, an increase of US$0.11 cents since May last year.

Aussie student, Carrie Wilson, is reading mathematics at the University of Wisconsin and welcomes the strengthening dollar.

“It’s certainly good news for me,” Ms Wilson said. “Every dollar I spend brings me a little further.”

However, some foreign students studying at Murdoch University are feeling the pinch.

Canadian veterinary student, Natalie Tracey, said she was struggling to cope with rising uni fees.

“One year ago I was paying just over C$7000 a semester,” she said. “I reckon I’ll be paying up to C$750 more for the coming semester because of the dollar.”

Some students have resorted to taking up part-time jobs and tightening their belts in order to offset the strengthening dollar.

“At one point I was holding on to two jobs,” added Ms Tracey. “I was working at the Murdoch vet hospital one day and I was in a Cottesloe vet the next.”

Murdoch International client service officer, Marilyn Macey says there are student loans available to all students at the university.

“Short-term student loans of up to $1000 are available to both local and foreign students, but it will only be granted in cases of emergencies,” she said.