I recently had a bit of a financial heart attack. For a couple of hours I feared for my future and cursed my country and questioned the point of student finance when it doesn’t even finance my studies. See, the exchange rate between the Norwegian Krone and the British Pound went from about 9,50 kroner to the pound to 11,50 kroner to the pound in a year and a half. Then, on december 16th 2014 (couldn’t find an English source for this, only Norwegian ones, but here is a translated version) we had a massive drop that has since then only kept dropping, putting the Norwegian Krone at an all time low. One pound costs 25,5% more Krone than it did just a year ago.The Krone has dropped from 11.50 to 13 kroner to the pound in the last 6 months alone.The exchange rate has never been this bad, and because the Norwegian oil fund is less worth by the day it keeps falling.
I pay an international student turition fee and because international tuition fees
(the fact that I don’t get to pay EU fees when we’re a part of the EEA because a former Norwegian government threw away students rights during trade negotiations is an entire rant on it’s own) at English universities are usually horrendously high my tuition fees have skyrocketed. A year ago I would have payed 50 000 NOK less in tution fees than I have to now, soley because of the exchange rate. 50 000 NOK is a lot of money. I could travel the world for 50 000 NOK. Or get three return flights to Australia. Or go on a luxury 3 week holiday. Or go to Vietnam on a 12 day Contiki experience… twice.
It is therefore also unfortunate that these 50 000 kroner is what I have to cover myself because Lånekassen (Literally BorrowBox, the Norwegian student Finance system) doesn’t cover it. They have a maximum loan sum you see, and though I would have stayed well below it had the exchange rate stayed stable, I am now well above it, though the british GBP sum hasn’t changed. GAAAAAAAH FRUSTRATION. This means that I probably won’t be able to travel as much as I was hoping to because the money I make from my part-time job and three months of work during the summer will go straight to try and cover my expenses.
Life threw me a bit of a curveball here because of the world economy changing (which is interesting, but also terrifying) and I’m not happy about losing my travel money, but I have now resigned myself to the fact that there is nothing I can do about the situation. Zilch. I will just have to accept that most of my Norwegian maintanence loan will go into the tuition fees account instead of my rent, get a part-time job and make it work. I’m not able to make lemonade out of this situation, but I can at least bite the sour lemon and try to make the best of it. And I’m sure learning a lot about exchange rates and how to speculate in money.
Let’s pray the exhange rates improve over the next month, or at the very least that they don’t get any worse.