When looking at the cost of studying in the United States, it’s important to distinguish between Direct Costs—tuition, room and board, and any special fees—and indirect costs, which are more flexible, and cover just about everything else. Taking care of the direct costs should be your top priority. Funds for these could come from private or family sources, scholarships or loans.
After you have exhausted funds that do not need to be repaid, you may want to consider student loans to cover your remaining direct costs. As an international student, you will not be eligible for low-cost loans sponsored by the U.S. government. However, a wide variety of lenders, including Sallie Mae®, offer private, credit-based student loans that may be available to you.
Housing. After you have been admitted, your institution’s housing office will contact you with information on the availability of on- and off-campus housing. If you decide to live off campus, you’ll want to arrive several weeks ahead of the start of classes to begin searching for a place to live and get settled.
Depending on the type of housing you need and the location of your college or university, the cost of off-campus housing can vary considerably. In general, housing in large urban areas and on the West and East coasts is the most expensive. In addition to rent, you should also budget for furniture and other household essentials because most rentals in the United States are not furnished.
Savings tip: Use generic products instead of name brands; clip coupons; and pack a lunch rather than eating out.
Entertainment. A big part of studying abroad is what you do outside the classroom. Be sure and budget some money for movies, snacks, concerts, short trips to visit friends, and other activities. A well-rounded student is one who effectively balances study and play.
Textbooks and school supplies. The best way to keep textbook costs low is to buy used ones. Most campuses have stores on campus or close to campus that sell used books, and you can also check campus bulletin boards for ads offering texts for sale. Be sure that the edition of the book you are buying matches the one that is required for the course.
The international student advisor at your institution can help you with miscellaneous expenses such as health insurance (usually available at a low cost from your college or university) and visa processing fees. In addition, it’s a good idea to budget for items such as utilities (if they are not covered by your rent), a mobile phone, clothing, Internet service, and even a small, general emergency fund.
Even if you have the best intentions, a credit card—used freely—can ruin even the most carefully planned budget. Use your credit cards sparingly and only for items you really need. Try to pay the full balance off each month. And make sure you know what the interest rates and fees are. Sometimes just knowing how much extra you’ll be paying if you make a late payment or carry a balance from month to month can provide the incentive for fiscal discipline.
This is an exciting time in your life. Make sound financial management a priority so that you can fully enjoy the uniquely rich learning experience of study abroad.
(The International Student Guide to the USA)