A recent hike in the currency exchange rate, which brought smiles to Korean Americans, has Korean international students despairing.

The global economic downturn and credit crunch has brought about a record high in the exchange rate between the Korean won and the U.S. dollar, a record of close to 1,500 won per dollar. People say it's the highest rate in eleven years.

In 1997, there was a big financial crisis in Korea and the country received an economic adjustment from the IMF (International Monetary Fund). At that time, the currency exchange rate recorded was 1,800 won to a dollar, forcing many Korean international students to stop their studies and return home.

People say that the current currency exchange rate could reach the same highs as 1997.

When the currency exchange rate is high, people profit and Korean Americans are no exception. Typically, they wire dollars into bank accounts belonging to their family members or their own bank accounts in Korea, thereby accruing the gains from the exchange rate.

Officials from Korean banks based both in the United States and in Korea said they received many phone calls from customers who asked about opening new bank accounts in order to benefit from the recent surge of won/dollar currency exchange rate.

For Korean international students the recent hike in the exchange rate is causing them trouble. Because they tend to pay their school tuition and living costs with money they receive money from parents in Korea, the exchange rate reduces the dollars available to them to meet these obligations.

Hee Keun Song, 28, who is a musician and has lived in New York for 13 years said, "I reduced my entire budget for living costs, such as rent, transportation and food." Instead of depending on her parents, she started to make her pocket money by working three to five part-time jobs, and looking for music jobs, including at weddings.

Son, who is in the Master's program at Rutgers University School of Music, is completing her final semester. "I'm seriously considering going back to Korea because of currency exchange rate," she said, "I can't stay long if the exchange rate keeps going up."

Sun Young Yu, 26, goes to School of Visual Arts in Manhattan. She started to use monthly plan which enabled her to pay tuition over five months. Yu said, "Although my parents sent my tuition before I registered for the fall semester, the total amount I received wasn't enough to pay the entire balance."

Yu added, "When I visited the Bursar's Office to apply for the monthly program, I saw many Korean names on the roster. It tells me that this is really a hard time for many Korean international students."

Due to the problem of making the tuition, some students stop studying and apply for language school instead. International students who enroll in a college or university are required to take classes for at least 12 credits. Depending on the decision of their school advisor, students can take part or full credit from ESL courses.

Henry Park, an advisor at the University English Center said, "I've seen some International students apply to ESL programs to avoid expensive college tuition, and after they explain to their school advisors why they can't register in college."