Yes, it can be stressful when you’re planning to study abroad. There are many perfectly understandable reasons to feel stressed or anxious. Tuition fees are high, you’ve got food costs, study materials, transportation, health insurance, and lots of other expenses.
Even the currency exchange rate can be a concern.
When you don’t have enough financial means you might consider taking out a student loan. Paying back the student loan can add another layer of stress. But still millions of students can be found at international colleges every year.
Students find ways to manage their financial situation and complete their education in international colleges.
Here are some budgeting tips for students who want to study abroad:
The tuition fees are probably the most expensive thing you will face when you plan to study abroad. The yearly cost can reach up to five figures and for some private colleges it can even reach up to six figures (USD). The Financial Aid Office or Admissions Office at your college of choice will have up to date information about their tuition fees.
But tuition is not the only cost to consider, living abroad involves other expenses like transportation, phone bills, health insurance, food expenses, holiday expenses, accommodation and more. When we talk about the cost of accommodation, most colleges provide (or at least offer) dorm rooms to their international students. But you can still choose to live off campus — alone or with a group of people. The rental cost for private accommodation will depend on the location you choose to live in.
It will be cheaper if you choose to live in a dorm. You can save money because you won’t have to pay for electricity, water, and internet bills as they will be included in the cost. You can also save money because you will be living on the college campus and therefore probably won’t have additional transportation costs.
Depending on your visa status you might be allowed to have a part-time job while studying. When allowed students can typically work for up to 20 hours a week during the semester and full-time during holidays and semester breaks. This could be a useful source of income to help you with your daily expenses.
Most international colleges have a dedicated advisory office for international students. They provide students the necessary advice so they can manage their experience — including their finances. They help students with budget plans, part-time job information, and other related information. It is a good idea to get their advice before making any decisions relating to your finances.
Although they might seem like a golden opportunity, remember that paying back your international student loans can cause stress and worry for some students. Getting an International student loan should usually be your last port of call for additional funds. We suggest you first look for financial aid and scholarships from schools and other sources. If you still find a financial gap after exhausting all the other sources, this is the time when international student loans come in handy.
If you focus on your education and keep an eye on your budget, you’ll be able to enjoy completing your education at an international college. Try to avoid unnecessary expenses and focus more on savings. Here are a few examples of how you can save money: Use a bicycle to avoid transportation costs, try to cook your food at home rather than eating in a restaurant, so you can avoid food costs. Most importantly take advice from school advisors, they can assist you with your budgeting.
At the same time, look for ways to make the most of your time as a foreign student, take part in activities and explore your home away from home while you can.
Millions of students around the world dream of studying in the US. There are a lot of famous universities and colleges to choose from. Improving their future prospects, getting a high quality higher education, and access to better opportunities are just some of the reasons why so many students want to study at a university in the US.
But to get the best quality product you usually have to pay a high price. US colleges are some of the most expensive colleges in the world, but still millions of international students apply every year.
So, how much does an international student pay to study in the US? The annual cost can reach up to five figures.
Most colleges don’t have a standardized government fee system. It mostly depends on the college and the course you choose.
There are multiple types of institutions available in the US such as community colleges, private colleges, and public colleges. Most international students study at public and private colleges rather than community colleges.
Private colleges are the costliest of them all. On average public colleges charge between $35,000 and $45,000 and private colleges charge from $50,000 to $75,000 per year.
Private universities charge more tuition fees as compared to public and community colleges.
Public colleges get their funding mostly from the state government and private colleges get their funding from private organizations and donations. Community colleges or two year colleges also usually get their funding from the government just like public colleges.
Subjects like the arts, education, and humanities tend to be less expensive than engineering, medical, dentistry, and other similar subjects.
Higher courses like masters are usually more expensive than undergraduate courses. The college tuition fees depend on the college or course that you are planning to pursue. They differ from college to college. However, international students almost always pay significantly more than American students.
The cost of undergraduate degrees in the US varies greatly between institutions, and it is even higher for international students. International students pay $25,000-$35,000 per year at a public university and $30,000-$45,000 at private colleges on average. The cost can reach up to $50,000-$55,000 per year for some private colleges.
For a cheaper option, you can go to a community college. You will receive an associate’s degree instead of a bachelor’s degree because community colleges provide 2-year courses. They can charge you $2500-$3000 per year. You can use the associate’s degree as a qualification for the first half of your bachelor’s degree and later you can apply for a master’s degree as well.
All the fees depend on the courses that you choose. In general a Ph.D. or master’s courses will cost less than the MBA, JD, or MD courses. International students usually pay $20,000-$35,000 for public colleges and $35,000-$50.000 for private colleges per year.
Most colleges offer their international students on-campus residence. The residence is often called a “dorm room” or dormitory. Students usually share a room with 2 or 3 other students. Colleges provide daily essentials like water, electricity, and the internet. Students also share bathrooms, showers, and so on. It depends on the college how much they charge for on-campus accommodation. On average this is between $5000-$8000 per year.
However, you can choose to stay at a non-campus residence as well. You can share an apartment with other students or you can live alone as well. The rent depends on the area you are staying in. The Midwest region is cheaper than the East and Northeast in the US. But, you have to pay your electricity, internet, and water bills along with the rent. The usual rate for a single bedroom apartment is between $6,000-$15,000 per year – depending on the apartment and location.
It will be a good idea to make some savings for your daily and basic needs like emergencies, shopping, groceries, food, water, clothes, books, and study materials. When you live abroad you should track even your smallest expenses. This will help you to keep an eye on your overall expenses and you can save or set a budget for a period.
A good estimate would be $10,000-$12,000 per year for international students. The cost might vary where you are staying.
A student visa is mandatory for all international students. It can be a long process as well. As an international student, you have to apply and get accepted by a Student and Visitor Exchange Program (SEVP) certified college. After the approval process, you will receive the I-20 from where all of your information will be recorded.
Visa applicants have to pay a non-refundable fee. All students are categorized as F, M, or J, depending on their courses, merit, and colleges. They have to pay $350 as a SEVP fee and a visa application fee of $160.
Staying so far away from your home can be hard. Thousands of international students get injured or need medical attention throughout their courses. Student health insurance provides international students with financial support in these kinds of situations. International students must have proof of health insurance to get admission to US colleges. Without health insurance, international students can not apply for US colleges.
Under the age of 25, international students can expect to pay $30-$140 for health insurance per month depending on the college and the health insurance package.
Usually, most colleges provide dormitories to their international students. When you stay inside the college campus you won’t be using transportation too much, unless you are going somewhere off-campus. However, if you choose to live outside of the college campus, you will need transportation. Luckily, in the US transportation costs are not that high, and there are multiple options to choose from. You can get cabs, trains, and buses or you can use vehicle rental facilities.
Bus and train passes cost around $30-$50 per month for students. For additional expenses, you can expect to pay around $100-$120 per month in your total transportation. However, that cost mostly depends on where you are staying.
Yes, it is costly to study in the US. International students pay around $32,000-$60,000 per year depending on the university and the course. It is a lot of money but there are various options and opportunities available for international students. You can get the facilities of international student financial aid, international scholarships, international student loans, and help from private and government organizations as well.