Finances

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Finances

As you may have already discovered, paying for a quality education anywhere can be very expensive. But having that education in the United States can be more expensive still.  You can minimize this cost by getting financial aid from both public and private institutions and by learning how to manage your money wisely.

U.S. Currency

United States’ currency is based on a decimal system, with one dollar ($1.00) being equal to one hundred cents. It may take a while for you to get used to the value of a "dollar." You will soon be able to tell what is "cheap" and what is "expensive."

Coin currency is used for amounts less than one dollar.

• penny = 1 cent or 0.01 dollars
• nickel = 5 cents or 0.05 dollars
• dime = 10 cents or 0.10 dollars
• quarter = 25 cents or 0.25 dollars

American paper currency is printed in green and white, and usually comes in denominations of $1, $5, $10, $20, $50 or $100. American's often call a dollar bill a buck. For example something that costs $20 would be said to cost "twenty bucks."

Cost of Living

The cost of living in different parts of the United States varies considerably. Do some research into the housing, food, clothing, entertainment, and other living expenses that you may encounter in the area around your college.

Learn to budget your money and try to have a some left over at the end of the month. Make sure to budget in this savings allowance. You may need this money later on for unexpected expenses and emergencies.

When working up your budget make sure you include tuition, room and board, transportation, living expenses, health insurance, entertainment, clothing, and other expenses.

Funding Packages

Many international students put together a funding "package" from a variety of sources. There are many sources of aid available to you that can come from your government or home university. Many governments have programs that offer scholarships, low-interest, and no-interest loans for their countries brightest and best.

U.S. Funding

You can also get aid from U.S. sources. Many U.S. schools offer aid to their international students through their financial aid programs. As a general rule there is less money available to international undergraduates than American nationals but don't let that discourage you. You need to make sure to request information about financial aid when you request an application form from the school's admissions office.