Seo Ji-won was supposed to have been in Sydney, Australia, by now, pursuing her dream of a doctoral degree and higher-paying jobs. Instead, the 26-year-old South Korean engineering graduate remains home in Seoul, working part time at a coffee shop, largely because of forces beyond her control.
The global financial crisis has hammered confidence in South Korea’s once-booming economy, decimating the value of its currency, the won, and forcing tens of thousands of students to alter their study plans, or cancel them altogether.
For Ms. Seo, the won’s plunge in value by a third just in the last few months drove up the cost of her four-year degree program by $10,000, far beyond her savings.
“I like to say that I’m in pause mode,” Ms. Seo said. “My future depends on the won going back up.”
Sorry, but I can’t spare any sympathy for Ms. Seo and her friends when our own kids are having difficulty funding their undergraduate studies here. Study abroad is a luxury; so is earning a doctorate, frankly.