Look at the cost estimates that appear on the I-20 or DS-2019 form
that accompanies the letter of admission from your U.S. university.
These estimates are usually accurate, and international students are
expected to have funds to cover the full amount shown. Look also at
the budget you prepared yourself based on estimated expenses, and
ask your international student adviser, a U.S. educational adviser,
or your sponsor for advice on how much money you will require. Use
the list below to help you think about all potential expenses you
may have.
Tuition, fees, and other
educational costs vary greatly. To understand these costs and your
financial obligations, check your I-20 or DS-2019 form and study the
material sent to you by the university or college you will attend.
If you have questions, do not hesitate to ask the admissions office,
your sponsor, or the international student adviser.
Living costs vary widely and depend
on geographic location and individual lifestyles. If you are
bringing family members with you, this will, of course, increase
your monthly expenses. Living expenses are highest in the large
cities, in California, and in the Northeast. Costs can be much lower
in the South, the Midwest, and other areas. University catalogs and
websites are good sources of information on current living costs.
Your EducationUSA information and advising center also may have
information on the latest monthly living expenses by city or
institution. Be sure to take into account the extra expenses of
vacation periods. Most university dormitories and eating facilities
close during vacations. Sometimes, however, a dormitory is kept open
for students who are unable to go home. Vacations are a good time to
travel, but there are considerable expenses involved. After you
arrive on campus, discuss the matter of housing during vacation
periods with the international student adviser so you will know what
to expect and can make appropriate arrangements.
You will
need travel insurance to cover your trip from home to your U.S.
campus. You will also need health insurance for the duration of your
stay in the United States. Health insurance plans vary in cost. (See
"Health Insurance.")
Baggage insurance protects you
against loss, damage, or theft of your baggage. The cost of this
insurance is reasonable. It can be purchased at travel agencies and
airport kiosks. If a piece of your luggage is lost, file a claim
immediately at the airline's desk at the airport. It is a good idea
to write down the name of the person who helps you and the work
address and telephone number where this person can be reached later.
The airline will try to locate the baggage (which may simply have
been routed to the wrong destination) and will send it to you at
your U.S. address when it is found. If it has not been found after a
certain length of time, arrangements will be made to pay you to
replace it.
Universities estimate the cost
for books and supplies for the academic year. Students in the United
States must buy their textbooks and costs can be quite expensive.
Most institutions have on-campus bookstores, where you can buy new
books or purchase used books at a lesser cost. You also may be able
to sell back your books to the bookstore at the end of a semester at
partial value. The cost of textbooks and supplies varies according
to the student's field of study. Liberal arts students can expect to
spend $400 to $600 a year for textbooks. If you are planning to
study in a field that requires special supplies, such as
engineering, art, or architecture, your expenses are likely to be
greater than the average. Books and textbooks for engineering
students may cost an additional $250 to $350 per year, and books for
medical, pharmacy, and law students may be even more expensive. Many
technical books — such as pharmacy books — are investments; students
keep them and use them in their professions. Graduate students may
be required to buy or obtain use of a personal computer. If a thesis
is required, you will also have the expense of thesis preparation.
The living costs quoted by most
universities do not include trips between the United States and your
home country. Be sure that your annual budget includes expenses for
return travel between your home country and your school. If you plan
to live off-campus and commute to the university, you should add in
your commuting expenses.
Budget carefully for
communications, such as telephone calls and postage.
Personal expenses include items
such as clothing, toiletries, and other basic goods and services. If
you have dependents — a spouse and/or children — or if you have
special medical needs, substantial additional funds will be needed
to meet your living expenses. Most institutions can provide an
estimate of students' basic costs.
Incidental costs can add up quickly
and, of course, vary from student to student. Consider your personal
needs such as laundry, stationery, photos, dining out,
entertainment, and clothing for a climate different than your own.
If you intend to travel, you
need to factor in those costs.
If you are receiving a scholarship or
assistantship from your U.S. university, keep in mind that the
federal and state governments usually tax these awards. Make sure
you also know whether any income or awards from your home country
are taxable.
International exchange rates fluctuate frequently, sometimes daily.
Before you travel to the United States, contact a major bank in your
home city, preferably a bank with a foreign exchange department, to
learn the current exchange rate. Ask the banker to estimate the
degree of fluctuation; that is, what did it average in the past
year? This will help you to determine more effectively your
financial requirements while in the United States. If your bank does
not have a foreign exchange department, consider opening an account
with a bank that does.
Find out how you can have additional money sent to you while you are
in the United States. It is usually safest to have money sent
electronically from your home country bank to your U.S. bank once
you have opened a U.S. account. Please see "Money Matters" for
information on obtaining a U.S. bank account. Ask what the fees will
be for transferring money and how long it might take for the money
to reach you. If you need fax, telex, or account numbers from your
home country bank to request the transfer of funds, bring that
information with you.
Sometimes large banks in your home country allow you to purchase
foreign currency ahead of time for travel purposes. Ask your travel
agent to review your travel plans and advise you on how much money
you may require for expenses while you travel. Long-range needs vary
with the individual situation and the location of the college or
university, as discussed above.
Before you leave, you should determine how much money you will
require within the first few weeks of your stay in the United
States. As you may need several weeks to open a bank account and
receive funds from your home country bank, this will be money you
will need to carry with you. It is probably safest to carry it in
the form of traveler's checks.
You will likely need funds to pay your first semester tuition fees
and room and board, if you plan to live in a dormitory. If you plan
to live off-campus, you will need money for apartment and, possibly,
utility deposits, living expenses while you look for housing, and
for transportation. Your international student adviser should be
able to help you assess the costs of living off-campus. You also
will have expenses for books, school supplies, and fees.
You may need $800 to $1,000 in traveler's checks to cover other
miscellaneous initial expenses and to provide for emergencies until
you receive your transfer of funds.
For personal use on your journey and after your arrival in the
United States — for taxis, meals, and telephone calls — you should
have $100 to $200 in small cash denominations: $20, $10, $5, $1. You
can change U.S. paper money into smaller denominations and coins at
almost any store. However, small stores and vendors may have
difficulty changing bills larger than $20. Do not carry large
amounts of cash — it can be lost or stolen. Thieves may view
international students as easy victims, because they often do not
know or understand the local customs. Be very careful with your
cash.
In some cases, you can use your automatic teller card from your home
country in U.S. automatic teller machines (ATMs). Inquire with your
home bank on the validity of your card in the United States. This
could save you the worry of carrying large sums of money in cash or
traveler's checks. Note, however, that many banks limit the amount
of cash you can take from an ATM on a daily basis.
When you travel to the United States, you should carry most of your
funds in traveler's checks. If these are not available to you in
your home country, buy them at the airport in the United States as
soon as you arrive. Traveler's checks provide a safe way to carry
money while traveling. They are insured against theft, loss, and
damage. With proper identification, you can cash them easily in most
places in the United States.
Traveler's checks can also be purchased in most banks. A small fee
is added for each check. At the time of purchase you will be asked
to sign your name on each traveler's check. Sign each check only
once as you are directed. As you cash each check, you will be asked
to sign it a second time to verify that you are the person to whom
the check was issued. Sign your name "in English" (that is, the way
you will be writing your signature in the United States) in the
presence of the person to whom you are giving the check.
Be sure you keep a record of your traveler's checks. The bank clerk
will give you a form on which to write the numbers of all the checks
issued in your name. On this form, alongside each check number, is a
space for the date and place you cash the check. Keep this list with
you and record data as you use the checks. However, do not keep the
list with your traveler's checks. This is for your records, and the
information is important in case your checks are lost or stolen and
you need to file a claim for reimbursement.
The U.S. government does not restrict the amount of U.S. currency a
nonresident, noncitizen (like yourself) can take or send to the
United States for educational expenses. The U.S. government does
require, however, that individuals — whether U.S. citizens or not —
report the transfer (into or out of the country) of cash or other
financial instruments valued at $10,000 or more. Consult with the
U.S. embassy or consulate in your country for more information about
this requirement.
Many countries do have currency exchange restrictions. If your
country has such restrictions, you may have to submit certain
documents allowing you to take currency out of the country. For more
information, contact the government office that issues passports in
your home country.
See more detailed information on money matters and banking in the
United States. |
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