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Financial crisis hits Asian students at U.S. colleges
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| The University of Texas has created new grants to help some students | |
October 12, 1998
Web posted at: 9:19 p.m. EDT (0119 GMT)
AUSTIN, Texas (CNN) -- The economic turmoil in Asia has triggered a crisis of its own for many of the 457,000 international students attending colleges in the United States.
Students from Asia contribute more than $7 billion to the U.S. economy each year. But the current economic crisis there has left many unable to pay for their college expenses.
Soegiono Hadiwijaya is just one of 2,300 Asians facing such challenges at the University of Texas at Austin.
Unlike past years, his father, an Indonesian factory owner, can no longer pay all of his 20-year-old son's college bills. To help make ends meet, Soegiono has picked up a part-time job, making $350 a month.
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"If there is not enough money, I will just work more to supply my daily needs. ... I think I will graduate," said Soegiono, a junior studying business.
For bio-chemistry major Ki Woong Hong, the currency devaluation in his native South Korea has made him think twice before spending money -- even for such basic items as a fast-food hamburger.
"If a go to Burger King and want to buy a hamburger, which usually costs about two bucks, I have to spend about twice as much -- three or four dollars -- to buy a hamburger," he said.
The University of Texas has responded to the problem by creating new grants, floating student loan payments and even providing meals to some students. Nonetheless, the university has been overwhelmed by the steady stream of Asian students applying for financial aid and jobs.
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| For this Indonesian student, the crisis has hit home hard | |
"We have a finite source of money that we can use at our discretion pretty much to help out those students that we can," said international student adviser Linda Butler. "But it's not going to pay all their tuition and it's not going to pay all of their living expenses."
University officials hope its Asian students will be able to stay enrolled, but they fear many will surrender their dreams of an American education and return home because of a financial crisis beyond their control.