Foreign markets vex int'l students

An economic crisis in Southeatern Asia has hurt many foreign students. Recent market crashes in Southeast Asia are causing many of Penn's international students to worry about paying their next tuition bills. Falling currency values have left students from countries such as Korea, Malaysia, Indonesia and the Philippines scrambling to find money in a stable currency to cover tuition and living expenses. Many of their parents -- some of whom have seen their salaries fall to levels equivalent to those of more than a decade ago -- have been forced to suspend their children's education in the United States because the value of their currency has been split in half. "All of Asia is in trouble," said Wharton sophomore Clare Ip, who originally is from Hong Kong but now lives in the Philippines. "It's just coincidence if a student's family saved enough dollars before the crash." Several students voiced concerns that the currency devaluation would result in a future decline in the number of international students able to afford Penn's high tuition. "Some of my friends have already had to drop out of school," said College sophomore Jung-Sung Min, who lives in Korea. "It's sad that less foreign students will be coming to Penn next year." Other students are counting their blessings for being able to pay their spring tuition. When Wharton junior Eu-gene Sung's father got a job at a South Korean company called Bosung, he thought he would be working in New York. But then, without giving a reason, the company decided to postpone the opening of its New York branch. The Sungs should have taken it as a bad omen. A few months after the Sungs moved to South Korea, South Korea's currency, the won, lost more than half of its value relative to the dollar, forcing Bosung to fire 60 percent of its workforce. Sung's father's pay was cut in half. Sung's parents are, predictably, "really worried," she said. Because they only moved to South Korea seven months ago, they still have money in the United States, she said. But they are anxious about managing next year's tuition. Sung, fortunately, has the advantage of being an American citizen, allowing her to receive more financial aid as her father's income depreciates in value. Most international students are not as lucky -- only those with American citizenship are eligible for government-funded financial aid, such as federal student loans. And although the University offers its own forms of financial aid for such students, Penn is typically only able to offer minimal assistance. College senior Jason Lee, for example, was born in Ohio, but moved to Korea when he was nine years old. His parents have been forced to worry about both his tuition at Penn and that of his sister, a freshman at the University of Michigan. "We can still pay tuition now because of the [American] dollars my family has saved," Lee said. "But I'm not certain about the future." Lee added that when he sought advice from a financial aid counselor at the University, he was told to reapply for financial aid, which may be increased for next year. And, Lee added, he hopes "the numbers will be adjusted for the exchange rate of the won next year." But several international students said they have not received any confirmation from Student Financial Services that such adjustments will be made. Korean Student Association President and Wharton sophomore Kenneth Kim said he has escaped financial distress because his father works for an American company and is paid in dollars. But he added that the depreciation of the Korean won has caused his father's company to suffer. "I see myself having problems affording tuition in the future because of the crisis," Kim said. "If it was possible I would [get a job] to prevent them." International students without visas are currently prohibited from employment in the United States. Penn's Office of International Programs sent an e-mail to its Korean students yesterday explaining that those requiring assistance may arrange to pay their spring term University charges for tuition, fees, residence and meal plan on a monthly basis over three or four months rather than in one lump payment, students said. The students added that they were told that those who use the monthly payment plan as a result of financial difficulties can waive all late penalty charges on those payments.

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