Just like any other investment, remember the return. You will be investing in your future career and earning power.
Invest in yourself! Careful planning is both necessary and wise. You will be required to prove to the university, to the consular officer (the person at the U.S. Consulate who issues visa stamps), and perhaps to the U.S. Customs and Border Protection that you have sufficient funds to cover your living expenses (housing, food, clothing, etc) and health insurance, as well as university’s tuition and fees.
The cost of living and studying varies across the United States. With the right amount of planning and research, pursuing a U.S. higher education can be made affordable with high returns on your investment.
So how much money will you need? Despite this, don’t let the cost of a university education in the USA scare you off! A U.S. education and proficiency in English paves the way to more secure and higher paying jobs. In the end, your education here will pay for itself many times over.
- Assess Personal Funds
Start out by evaluating how much funding you or your family can provide for your education. If you are planning to apply for financial aid, note that general financial aid amounts are based on the difference between the college cost and what your family can afford. Understand that most scholarship awards cover only part of the total educational and living costs and may not be available to first-year international students.
AXIOM Advisers help you plan your expenses
AXIOM Advisers can help you distinguish yourself in a highly competitive applicant pool so that you have a better chance of competing for admission with current information about financial aid.
-
APPLICATION FEES: $250 – $600
Application fees to cover administration and processing range from $50 to $75 per application. Most applicants apply to four to ten schools.
-
Tuition:
U.S. institutions offer a wide array of programs with a wide array of tuition and fees. You can get a general idea about expenses by looking at catalogs or application information provided by the university. Two-year or community colleges are usually less expensive than colleges and universities offering bachelor’s and graduate degrees. . State schools, which are financed by the local state and U.S. government, cost less than private colleges or universities.
Tuition costs vary greatly from school to school and location. Depending on where you choose to study &your level of study (community college, undergraduate, graduate, short-term, English language) your annual tuition can average from $2,200 to $32,405 (undergraduate), Graduate: $8,225 – $28,466, Doctoral: $10,354 – $40,519.
-
Costs for Housing and Food:
Location matters! Depending on where you live and study, costs for housing and food vary greatly in the United States. Suburban or rural areas in the South and Midwest of the United States generally have the lowest cost of living.
-
Room and Board:
Most students choose a dormitory or residence hall to live in for at least the first academic year. Some schools require that freshman lives in the dorms during their first year. Two or more people usually share dorm rooms, which is a great way to make friends and you and your roommate can explore your American university or college together. Housing is also available on many campuses for married students and families.
AVERAGE ROOM AND BOARD COSTS BY TYPE OF INSTITUTION, 2015- 2016
-
Public Two-Year Institution: $8,003
-
Public Four-Year Institution: $10,138
-
Private Four-Year Institution: $11,516
Another option many students enjoy is living with an American family. This is commonly referred to as a “homestay.” If your school is equipped, they can help you coordinate a homestay. Otherwise, the school can provide you with a list of companies that help arrange stays in family homes. Don’t be afraid to ask for guidance.
-
HEALTH INSURANCE: $350 – $1,500
As an international student at a U.S. institution, you will be required to have health insurance. To begin your search for insurance, check with the college or university you would like to attend to see what policies they have available for international students.
-
PERSONAL EXPENSES:
Of course, you will require all of the things that you usually need at home: personal care items, medicine, money for laundry, dry cleaning, transportation, recreation, entertainment, and so on. Carrying large amounts of cash is not advised anywhere in the USA. Very rarely is cash even needed; most purchases can be made by a debit or credit card.
How can you reduce your Educational Costs?
Think about applying to colleges in areas of the United States that have a lower cost of living, such as in the South or the Midwest or in more rural areas of the country
Attend a community college first and then transfer to a four-year school to complete your bachelor’s degree
-
Financial aid packages:
To finance your U.S. education, you may have to rely on financial aid packages, which include grants, scholarships, loans and work/study options. Make time to thoroughly research the funding opportunities available to you.
-
Scholarships:
Start your financial planning as early as possible. Each year international students receive significant amounts of financial assistance for their studies. However, competition is high. Applications for financial aid go together with applications for admission. Just like any other investment, remember the return. You will be investing in your future career and earning power. How to find Scholarships visit The Ultimate Scholarship Guide
-
Loans:
Loans can make it possible for you to study as an international student in the United States. There are also international student loans that are available. Carefully research your other options first. It is best to gain as much funding as possible—money you don’t owe back—and then if need be, supplement the remaining costs with loans.
-
Work/Study:
An estimated 75 percent of all full-time students studying at U.S. universities and colleges hold at least part-time jobs. If are able to get a work/study job, be sure not to stress yourself by overloading your schedule with too much work and a full load of classes. You have come to the USA to study and you want to be able to enjoy and excel in your classes. However, an advantage to holding a part-time job is the extra money, as well as the practical work experience. Find a balance that works for you.
