Financial Management: A Guide for International Students in the U.S.

Financial Management: A Guide for International Students in the U.S.

university students infront of the campus

More and more students from around the globe continue to choose the United States as the place to be when it comes to finishing their academic degrees. In fact, there were over 1.9 million international students in the U.S. in 2018.

But despite these positive statistics, there are still some people who are having second thoughts about getting an education in America. One of the most common reasons is that the cost of living and studying in the country can be quite expensive.

Education in the U.S. does not come cheap; it’s true. You might have to spend $5,000 up to $50,000 on tuition alone. Then, you still need to find accommodation, buy books and supplies, and budget for basic needs such as food and transportation. If you want to cut down the costs of studying in the U.S., you need to learn how to manage your finances properly.

Seek financial support

Personally funding your education in America can be difficult. Good thing, you have different options for financial support. You can check out international student loans to pay for your tuition and study supplies. You can also apply for a scholarship to lessen the amount of money that you need to pay when entering a university.

Open a local account

While you have an existing bank account in your home country, you might want to consider opening a new one in the U.S. Doing this will help you save a lot on international bank charges. Research about the different banks in the country and check the available accounts offered for international students. You can use this new account for local transactions. You can also open another one to start your monthly savings.

Apply for insurance

signing insurance papers

Your stay in America might be only temporary, but you need to prepare for all possible scenarios. What will you do if you suddenly get sick while you are studying abroad? You would not want to cash out all the money from your savings, right? This is why you need to consider applying for international student insurance plans. There are many financial organizations that offer insurance policies for students like you. You just need to find the most appropriate plan that you can use for an emergency.

Find a job

If you have extra time in your hands, you can also find a job to get an additional source of income while studying abroad. Inquire about part-time jobs available for students. Just make sure that your work schedule will not affect your studies, which should still be your priority. So before accepting any job offers, you should know how to manage your time studying and working at the same time.

The key to surviving financial challenges in the U.S. is to set your rules about handling money. You need to stick to a strict budgeting rule and make sure to avoid having debts. Try to live a simple life and focus on finishing your studies. Do not spend your money on unnecessary expenses and seek expert financial advice.

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