Calculating College Costs
Before you even decide which college to attend, youve had to spend hundreds of dollars to take standardized tests and other entrance exams. Youve paid for credential evaluations and for application fees, and youve even paid postage for sending some of those documents to each school you considered. And now that those costs are behind you and youve had time for your bank account to relax, youre starting to research all the possible scholarships for international students in the USA. But, unfortunately, tuition is only a part of the costs youll incur during your time in school.
All the other costs
Students who live on campus are required to pay room and board as well as for meal plans, and every student is charged miscellaneous fees. And if youre living off campus, you also have to pay to live and eat somewhere. These costs can add up to several thousand dollars per semester, and you havent even bought bedding yet.
Speaking of bedding, youll need to furnish the place where youll be living. If youre living on campus, basic furniture will be provided, but youll need sheets, towels, decorations, lamps, electronics, basic office supplies, cleaning supplies, and so on. If you live off campus, you may have to buy furniture and if you dont have a meal plan, youll need to purchase kitchenware on top of everything else.
Bankrate.com has an excellent, thorough breakdown of costs so you can create an accurate budget for your time as a student. You should then apply those costs to a financial planning worksheet so you can see your spending clearly. Its a daunting but super helpful way to stay on top of your finances.
But as an international student, youll also have several additional costs that American students wont have to worry about (yes, we agree that the list of costs is never ending):
- Visa: In order to legally be in the USA, international students are required to get a student visa and must pay all associated costs with the application, possibly including a lawyer as well.
- Flights: Since your home country is most likely across an ocean, youll probably need to fly to the USA in order to get to your school. Youll also have to pay for return plane tickets as well as possible round-trip tickets for visits home in the middle of stay
- School breaks: Many local students go back to their parents houses for various school breaks throughout the year and in the summer. If youre not able to go back to your home country, you may have to pay for housing and other costs during that time.
- Transportation: Though the rules differ per school, some students have cars while in school. If youd like to be one of those students, youll need to buy the car itself and also cover additional costs such as car insurance, gas, repairs, etc.
- Family: Some visas allow students to bring their spouses and/or dependents to the USA while in school. Doing so requires numerous additional costs in pretty much every category.
- Exchange rates: Even if you pay your tuition in dollars, you most likely have to exchange your original currency first. Be aware that exchange rates and inflation can greatly affect how far your money can stretch.