Effect of the weak U.S. Dollar

[Miklos]

Thought that I would start a thread about how the weak U.S. dollar effects medical studies in the region. Feel free to chime in.

In Hungary, the dollar has fallen dramatically against the Hungarian forint over the last several years, but this has been especially pronounced as of lately as local inflation continues to roar. The net effect for those of us relying on U.S. government loans has been that our former lifestyles are a thing of the past. It used to be that the full Stafford (e.g. $18,500 minus fees) was plenty to pay for tuition, a comfortable lifestyle, books and plane tickets home if one knew how to manage one's expenses and take advantage of the local tricks (e.g. use public transport, buy in bulk, etc..)

I don't think that's the case in Hungary anymore, especially as tuition costs have risen for the newcomers to around $10,000 (depending on the program) per year, not including miscelleanous fees. The remainder does not permit for the comfortable lifestyle of the past, especially as prices in dollar terms now often exceed those back home, especially for consumer items.

I'm curious as to how others in the region see the situation, whether they are 'veterans' or 'newbies'.

I am of the opinion that this makes med school in CE/EE that much less attractive to U.S. students (and to a certain degree Canadians as well, even though the loonie is roaring against the U.S. dollar).

So, I've started a poll to measure the sentiments of the users on the forum.

Feel free to add to the topic.

Miklos

[bts4202]

In england, the weak dollar makes living very difficult. The school loans do not go as far as they use to and it gtes very depressing when you realize you are spending $10 for a freaking mixed drink at a bar!! Or when you pay bills and rent and realize for the amount of money your spending you could live in the lap of luxury back home.

I had to conciously stop doing the conversions in my head or i would have been perpetually depressed.

[Magyarorszag69]

Wow... how low can it go ? (Afraid to ask...)


Thank you ...G.W Bush !

[Miklos]

I'd like to bump this poll back up to the top of the stack. Wonder if anyone else would like to add comments.

Miklos

[blueeyes]

I'm curious to know how this is reflected in the standard of living of locals within CE countries, especially the Czech Republic. Has their purchasing power increased much over the last several years?

[Miklos]

Originally Posted by blueeyes

I'm curious to know how this is reflected in the standard of living of locals within CE countries, especially the Czech Republic. Has their purchasing power increased much over the last several years?

Based on both what I've read in papers such as the Economist, my travels throughout the region and what I have seen firsthand in Hungary, economies in the new CE EU countries have been booming of late.

With regard to purchasing power, that is a little bit tricky, as it by definition includes the effect of inflation. In Hungary, there have been both winners and losers. Losers include those on a fixed income (e.g. pensioners and state employees) and those who have been unable to adjust to the rapid economic changes of the last 15 years. For the young and upwardly mobile, their purchasing power has increased dramatically, especially if one factors in the strength of the forint and the increased competition in the marketplace due to joining the EU. (GDP by comparison has dramatically grown.)

Miklos