Since the financial crisis began in September, currencies around the world have plummeted in relation to the American dollar, driving up costs for UC Berkeley international students whose funds are worth much less than they were in August.

Students who did not transfer their funds before the crisis have suffered significant losses, some into the thousands, depending on the amount saved in foreign currencies.

The largest number of international students at UC Berkeley come from South Korea, and since last year the country's currency has lost almost 50 percent of its value in relation to the dollar. Similar drops have occurred around the globe.

A total of 1,075 international undergraduates are enrolled at UC Berkeley this fall. Ivor Emmanuel, director of the campus's Berkeley International Office, said while none have dropped out yet, he has seen an increase in their inquiries about financial aid since the crisis.

"We haven't seen any immediate changes, but we're anticipating that there will be a negative impact in the near future," Emmanuel said, adding that his main concern is for degree-seeking students whose long-term plans will be affected by foreign currencies.

John Woods, a graduate student from England attending the Haas School of Business, transferred his money in August 2007 before the pound plummeted, when it was worth about $2 on average. Now the pound is worth only $1.47, down 26 percent from what it was worth on Aug. 21 of this year.

Many students were not able to plan that far in advance. For Lishar Camille, an Education Abroad Program student from the University of Warwick in England, the decline of the pound will decrease the value of her student loan and other money that she did not transfer.

She said the losses have forced her to cut back during her year spent abroad.

"I don't go out, I try to stick to I-House food," she said. "My parents offered to help, but I know they can't. They just keep telling me how everything is getting more expensive over there."

Similar currency fluctuations have occurred around the globe. On Aug. 21 of this year, the euro was worth $1.48, but has since dropped to $1.24, losing almost 20 percent of its value. Earlier this month, the European Union's statistics agency said the euro zone was officially in recession.

"My parents had to increase my allowance," said Caroline Rute, an exchange student from York University in England, whose parents live in Brussels. "This year was more expensive than we anticipated-it gets more expensive every month. They're not happy about that."

International students are not able to apply for financial aid, and the scholarships open to undergraduates are extremely limited, said Cheryl Resh, UC Berkeley director of financial aid. The increased costs may mean UC Berkeley could see a decline in international enrollment.

"Basically, there's nothing," she said. "There's very, very little for undergraduate international students. Some students may have to take a year off from Berkeley to go to a community college, because it would be cheaper."

Since last year, UC Berkeley has seen a 33 percent rise in international undergraduate enrollment. Graduate international enrollment has stayed steady at 18 percent this year, up 3 percent from last year.

Staff at the Berkeley International Office said they worry the decline of foreign currencies may prevent increased enrollment from continuing. State funding cuts to UC Berkeley earlier this semester have made revenue from foreign tuition fees more important than ever, they said.

"If we are to experience a decline, there are negative outcomes both from a revenue point of view, but also in terms of the way in which international students enrich curricular and co-curricular activities," Emmanuel said.

Tags: ECONOMY, INTERNATIONAL STUDENTS