Finances and Studying in the United States
April 29, 2015
As National Financial Capability Month comes to a close, we want to remind students how important it is to understand your finances and plan accordingly when you prepare to study in the United States.
If you plan to attend school in the United States, you must show your designated school official (DSO) that you will have financial support during your stay. In addition to tuition, F and M students must consider housing costs, books, living and travel expenses, and more.
Regulations do not specify the forms of evidence you need to prove financial support, but some examples include bank statements, a scholarship letter or a note from your sponsor. Remember to bring these financial documents with you to your visa appointment and anytime that you are at a U.S. point of entry.
There are additional fees you should be aware of as an F or M student studying in the United States:
- I-901 SEVIS Fee: Before you can enter the United States you must pay your I-901 SEVIS Fee.
- Student visa application fees: Your U.S. embassy or consulate can provide more information on any fees associated with obtaining a student visa.
- Taxes: If you are authorized to work in the United States, you must report all income to the U.S. government.
- Health insurance: Your college or university may provide healthcare; however, requirements and fees associated with health coverage differ from school to school. Your DSO can let you know what health insurance fees to expect.
- School break expenses: Some schools may require an extra fee to stay on campus during a school break. Ensure that you have enough financial support to pay for food, travel and housing for both on and off-campus living.
- Transportation: If you live off-campus while attending school, you should ensure you can get to campus to attend classes. Regular class attendance is necessary to maintain your student status.
If you have questions about additional costs that you may be responsible for during your stay in the United States, speak with your DSO.