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> Budgeting
for Your Stay
> Arrangements
With Your Bank
> Travel
and Settling-In Costs
> Using
Traveler's Checks
> Monetary
Restrictions
Budgeting for
Your Stay
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 and Fees: 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: 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 Web sites are good sources of information
on current living costs. Your U.S. educational information
or 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.
Travel Insurance and Health Insurance: 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: 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.
Books and Supplies: 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.
Transportation: 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.
Communications: Budget carefully for communications,
such as telephone calls and postage.
Personal Expenses: 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.
Incidentals: 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.
Recreation and Travel: If you intend to travel, you
need to factor in those costs.
Taxes: 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.
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Arrangements With
Your Bank
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.
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Travel and Settling-in
Costs
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.
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Using Traveler's
Checks
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.
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Monetary Restrictions
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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