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Victims of foreign exchange rates

Norwegian students studying abroad are facing hard times because of a weaker Norwegian Krone. Association of Norwegian Students Abroad (ANSA) is trying to solve the problem.

21.01.04 13:02

About 23,000 Norwegians are currently studying abroad and because of a buoyant foreign exchange rate, many Norwegian students will now experience that they have much less money to live on.

Too much work
Guri Vestad at Lånekassen, the Norwegian federal agency issuing education loans to students, stated that the student loan is not regulated according to the exchange rates.

“The loan is the same amount to all the foreign exchange students,” Vestad to TV 2 Nettavisen. “To regulate the loan will be a too complicated process because all the students who are living in so many different countries have to sing a debt instrument ever time there is a new regulation.”

Vestad said they have seen large fluctuations in the exchange rate the last couple of years, something which have been both of advantage and disadvantage for the students. However, she admits that there are mostly negative effects for the students abroad.

Despaired students
Gustav Heiberg, president of ANSA, said that he have been contacted by desperate students. He stated that the problem is particularly pressing in countries with strong local currencies like Australia and New Zealand. In these countries, the tuition has increased as much as NOK 20,000 (USD 2900).

“The reactions from our members are that exchange rate compensations from Lånekassen does not reflect the actual losses, and we therefore have to address the problem,” Heiberg said to TV 2 Nettavisen.

ANSA has started a dialog with Department of Education to find a solution to the exchange rate problem.

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