College is an important decision for many reasons, one of which is the financial undertaking that it entails. It is important to understand your financial responsibilities because as the U.S. Department of Education writes, “A solid understanding of money management basics makes it easier to avoid scams, spot misleading information, and make sound financial decisions on financing your education and avoiding unmanageable debt when you graduate.”

President Barack Obama proclaimed April as National Financial Capability Month and on Study in the States we recently wrote about National Financial Literacy Month. Now is a perfect time to prepare for the costs associated with studying in the United States. For example:

• You have to submit evidence of financial support to your designated school official to receive your Form I-20, “Certificate of Eligibility for Nonimmigrant Student Status.”
• If you plan to study at a U.S. high school you must pay the full, unsubsidized cost of attendance for one year before arriving in the United States.
• You must pay the I-901 SEVIS fee of $200 before applying for your visa.

The Department of Homeland Security does not issue any financial aid. If you have questions about it, talk to your designated school official or the campus financial aid office.

Sources:

• Are You Ready to Pay for College?; U.S. Department of Education