Travel Channel 

It's been a while now that the dollar has been making like a daredevil parachuter, rapidly free-falling in value. And sadly, there's no sign of the cord being yanked on it anytime soon.

Which begs the question -- are US college students, in their ubiquitous sneakers, Jansports and baseball hats slung backwards, going to be an exotic sight across Europe this summer?

For decades, a post-collegiate backpacking tour of Europe has been the preferred jaunt for coeds bound abroad. But one can only subsist on so many instant noodles in hopes of bulking up the bank account enough to survive Western Europe's soaring currency.

For all of Europe's charm and romanticism, perhaps being edged out financially, for the time being at least, isn't such a bad thing.

After all, it's a wide world out there, brimming with distant destinations offering that all-important diet of museums, must-see cathedrals, temples and mosques, good beer, friendly locals and guaranteed adventure. And, thankfully, only a fraction of those lands pay with the Euro.

Follow the Travel Channel's lead to 3 intoxicating locales where the currency won't bully up on your Benjamins. And don't let the initial outlay for airfare give you sticker shock. Sure, traveling to Ho Chi Minh City or Casablanca from the States isn't as cheap as a flight from JFK to Heathrow. But once you find yourself in Southeast Asia, South America or North Africa, you'll be able to live like a veritable king by comparison.

Here are a few destinations to stoke your wanderlust when school finally lets out for the summer:

Argentina
Tango, wine, nightlife that doesn't stop till well into the following day and the best steaks on the planet -- these are just a few of the reasons to head south of the border to Argentina, where the dollar still holds serious sway against a slowly rebounding peso. If you plan your trip for the Northern Hemisphere's summer months (winter in Argentina), airfares will be at their most affordable (with reduced rates on lodging, too). Spend a few days getting your bearings in Buenos Aires -- the vibrant capital city where European and Latin cultures blend. 

Experience some of South America's most amazing nightlife and dining before putting nature on your agenda and backpacking up north. Busses are luxurious and cheap in Argentina and the best way to get around -- many lines even tempt you with champagne along the way. Nope, you'll be hardly roughing it in Argentina. To experience rugged nature from a safe distance, take a boat tour of Esteros del Ibera, one of the country's least known and most impressive attractions. Argentina's answer to the Everglades, this massive wetland area in the Corrientes Province is a similar river of grass -- fueled by rainwater and awash with birdlife, animals and exotic plants. With an experienced guide, you might even spot an anaconda. 

Other Argentinean highlights that could easily keep you busy for a month or more of backpacking include ogling the massive cascades at Iguazu Falls, sipping your way through the Mendoza wine region and touring the laid-back and uber-pristine Lake District near Bariloche, where Argentina looks far more like Switzerland than you'd ever think possible. And if you're visiting in June, July or August, that means ski time in Argentina at resorts such as Las Leñas.

Morocco
Few countries tug on the senses like Morocco and its mystical pull. From the call to prayer resonating from mosques hidden in mazelike medinas to the souks (markets) abuzz with women in headscarves shopping for camel meat and pungent spices, you'll reel at the sheer wonder of this North African country. To ease into things, book a flight to Malaga in the South of Spain, splash out on some tapas by the beach, then hightail it away from the steep Euro prices by hopping a bus to Algeciras, where you can catch a ferry across the Straits of Gibraltar to Tangier, in Morocco. 

The best way to travel around Morocco is by bus or train -- both are inexpensive, and routes criss-cross most of the country. If you're eager to get down south, you can even hop the overnight train -- the Marrakech express -- from Tangier and find yourself in the red-walled city the following day. You'll need at least one month of travel time to do Morocco justice, experiencing everything from the windswept beaches in Essaouira and the imperial cities of Fes, Marrakech, Rabat and Meknes to the vast emptiness of the Sahara desert near Merzouga and M'hamid. If you're feeling extra adventurous, consider hitchhiking through the country. It's easy to catch a ride and Morocco is a very safe place to rely on the kindness and generosity of strangers.

Vietnam
In the same way that Europe draws American students like bees to nectar, Southeast Asia has long had its wanderlusty way with young Europeans and Australians traveling on a budget. Wide-eyed Americans exhausted from flying to the other side of the planet are often surprised by how many French, Scandinavian, German and Aussie nationals are found supping on pad thai and tuning in to bad Hollywood movies in the beachfront bungalows of Thailand. 

But for all of Thailand's beautiful beaches, Buddhas and temples, it's worth going the more intrepid backpacking route and exploring neighboring Vietnam instead. Sure, arranging a visa is a little more of an effort (you're best off doing it in the States before leaving as opposed to trying to arrange the visa at an embassy abroad), but the rewards of traveling in a country that's still in the process of reinventing itself and abuzz with optimism far outweigh the minimal bureaucratic hassle. 

With inexpensive domestic flights, a doable countrywide bus network (slow but sure) and trains, too, Vietnam is a cinch to get around. Add serious adventure to the equation by renting a motorbike in Ho Chi Minh City, formerly Saigon, to explore the Mekong Delta, or plan an adventure from Hanoi to take in the circuit through Sapa and small villages near the Laos border, while getting glimpses of traditional rural life along the road. Serious adventure on a shoestring guaranteed.