We are all aware of the trend of traveling to the United States, particularly by students, as it is the most well-known location for studying abroad. Students fantasize a beautiful life there assuming that they will be provided with all the services at their fingertips, and while this is partly true given the technological and lifestyle advancements the US has to offer, they should also be made aware of the challenges they will have to tackle in order to survive there.
It can be thrilling and intimidating to navigate life as an international student, especially when it comes to managing finances. In order to ensure a smooth and effective academic journey, it is crucial for students to have a proper grasp of budgeting in order to account for food, housing, tuition and other living costs. This is a thorough guide to help you efficiently manage your budget and living expenses without having to compromise on your academics.
Firstly, let us understand the living costs:
Tuition Fees and Other Academic Expenses - Tuition fees can differ greatly depending upon the institution you choose, the city it resides in and the majors you choose. It is a given that public universities are a lot cheaper than private universities. In-state tuition is typically less in public universities but, as an international student, you will usually pay out-of-state or international rates. The budgeting for books usually ranges from $200 to $500 per semester and additional costs may require additional supplies like lab equipment or special software.
Accommodation- Similar to tuition fees, accommodation can also vary greatly depending upon the location, types of housing and institution. You have two different options for housing: on-campus and off-campus.
On-campus housing - Universities usually offer on campus residence like dormitories and residence halls. These can be beneficial for international students who are unfamiliar with the environment to familiarize themselves with their surroundings without having to go through the trouble of finding proper accommodation. However, these facilities come with certain drawbacks as they might be expensive; especially for international students. The on campus costs range from $5000 to $15000 depending upon the type of room (shared or single), meal plans included and the institution.
Off-campus housing - Renting an apartment or house is another common option among international students as it is cheaper than on campus housing but the cost depends heavily upon the location. If we look at major cities in urban areas including New York, San Francisco and Los Angeles, costs might be relatively high. Students may have to pay somewhere over $1500 to $3500 for one bedroom apartment but this can reduce when shared. In smaller cities this cost is reduced to somewhere between $600 to $1200.
Other needs like food, transportation and health can add up to your budget. Usually somewhere around $400 dollars per month on an average is spent by students on groceries and dining. Similarly transportation costs vary depending on the means used: public transportations could be a cheaper option while if a student plans to buy or rent cars, a certain sum will be needed for gas, insurance and maintenance.
All of this might feel very overwhelming, but when balanced correctly, you can have a smooth lifestyle without having to worry about money and without compromising on your basic needs and studies. First and foremost, you need to create a detailed budget. Track your income and expenses and plan accordingly ahead of the month whether by journaling or creating a mental picture about it. While applying to universities, look for scholarships and financial aids offered by universities, private organizations and government programs. All of these can significantly reduce your financial burden. Apart from this you can opt for a part time job. Under the F-1 visa, international students are eligible to work on campus. They may also be permitted to work off campus through certain programs such as CPT (Curricular Practical Training) and OPT (Optional Practical Training) but you need to take the university policy and visa permits into consideration. Costs can also be reduced if you manage your food budget and spend mindfully on it and by opting for affordable health care services.
Overall, however much daunting it is to manage expenses while living abroad, this can be a learning arc for the students to sharpen their financial skills and develop other valuable life skills that will certainly sharpen their mindset and ensure a better future.
