The at-par Canadian dollar adds up for international students

Joanna Bhaskaran, staff

For the 2,500 international students attending the U of M, the 40 per cent increase in the value of the Canadian dollar over the last five years has meant a 40 per cent increase in the cost of attending university.

Many international students came to study in Canada because of the low relative cost; but the value of the Canadian dollar reached an all-time high of USD$1.10 on Nov. 7, 2007. As of press time, CDN$1 was equivalent to USD$0.9965.

Bisong Taiwo, a University 1 international student, told the Manitoban, “When my parents transfer money, they transfer money in USD, which I then convert to Canadian [dollar] when I need to use it.”

“Before this happened I would get around the same amount they sent plus a little bit more in Canadian dollars. However, now every time I make a transfer I end up losing around $50-$70. It’s not much but it adds up and that’s the cost of a good two nights out or maybe a textbook!”

Tony Rogge, director of the International Students’ Centre, said the fluctuating dollar has been a concern for years.

“Canada, with its high quality of education, has attracted a high percentage of international students. Some of these students are very well-to-do and some are government subsidized and [the increase] probably hasn’t affected them at all.

“On the other hand . . . the rapid appreciation of the Canadian dollar has definitely hit their pockets. As they are going to be here for an extended period of time, it is obvious that currency fluctuations are something that needs to be taken into account.”

According to Rogge, across Canada, the University of Manitoba offers the best value of money and the quality of education is quite high for the cost of living and the cost of tuition compared to other places.

“It’s not something that is going to cause a major crisis, because for many countries the value of their currency compared to the Canadian dollar is great and because of the high purchasing power in Manitoba, it eats away the difference,” continued Rogge.

To obtain a student visa, prospective students are required to show that they have sufficient funds to stay in Canada.

“So it is quite obvious that most students who come here are not in dire straits financially, but because of some family emergencies or poor budgeting, many students find they need more funds,” Rogge said.

The International Students’ Centre offers emergency financial aid, but it doesn’t apply to currency fluctuations, Rogge said.