Introduction
Due to its highly regarded higher education system, the United States of America draws a fair number of students globally each year. It is home to the most significant number of highly regarded universities known for their excellence and distinctive study abroad programs, attracting a sizable number of international students. Many prospective international students are looking for information on the cost of studying in the United States due to the massive demand for higher education globally.
In this article we have broken down the major expenses a student will have to bear to study and live in the USA. The numbers mentioned below are to give an overall idea of the expenses for an individual.
Here are some of the major expenses:
Tuition Fee
The essential cost of education in the USA is the tuition price, and colleges are split into private and public/state institutions. Comparatively speaking, public and state universities charge less tuition than private colleges. However, tuition costs vary depending on the degree program and institution of higher learning that a person chooses. International students must pay between $25,000 and $55,000 annually in tuition to attend a university in the USA.
Accommodation Costs
When you arrive in the USA, finding a place to stay should be at the top of your list. You will be asked about accommodations at the immigration counter at the airport, so international students should plan. Finding affordable housing for students in the United States might be challenging. When choosing a university to attend, one must consider the cost of living in the city in the United States. If you share a house with three other students, the rent will be significantly less expensive in the United States, which ranges from 700 to 900 USD per month.
A significant portion of the costs associated with studying in the USA, apart from the cost of school, is the cost of living. The cost of living in the United States varies depending on a student’s lifestyle, and anyone on a limited budget might choose student housing.
The annual average cost of housing with all utilities in the USA is approx. $21,710. If one chooses to go for a dormitory the annual average cost for a dorm can be between $7588- $11,914. These numbers do not include other expenses like food, books and supplies, transportation, and other miscellaneous which may take range from anywhere between $8,000 – $15,000.
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Visa Fee
Indian students’ one-time pre-arrival fees are also included in the cost of their education in the United States. These expenses cover things like application fees, English proficiency testing costs, the cost of standardized tests, student visas, etc.
An F1 visa enables international students to pursue full-time studies at a US institution participating in the Student and Exchange Visitor Program (SEVP). One needs to apply for an F1 visa at least three months prior to the commencement of their study. Applications cost about $510.
Living Expenses
According to projections, the average cost of living in the US can be between $1000 and $1500 per month or around $10000 and $18000 per year. This includes the cost of your hotel, board, meals, transportation, textbooks, weather-appropriate clothing, and entertainment.
Transportation
A typical college student is predicted to spend between $1,050 and $1,800 on transportation expenses. It has also been advised that college students budget at least $1,000 annually for travel and transportation.
Taxes
You would only be required to pay taxes in the US on your US source income as a non-resident immigrant. Indian students are particularly well-served here. They are eligible for a standard deduction ($5,800 in 2011) that other non-residents are not.
Emergency/Health
Global students’ health insurance is the same as conventional health insurance. The fact that certain places have student-specific policies may set them apart. As an addition to paying tuition, students must also pay for health insurance. In the USA, the cost of health insurance can range from $500 to more than $2,000 each year. How can I submit a claim for American student health insurance? Once you have insurance, you can join the NHS and receive free healthcare while you are a student. The insurance will cover the entire period of your coverage and an accident or illness.
How to Stay Budget-Friendly While Studying in the USA
Look For Scholarships
While many academic awards are solely open to US nationals, some do accept applications from other countries. First, find out if the school of your choice offers scholarships and the requirements. If you find a scholarship pertinent to your studies, be prepared to wow your university with your credentials, as financial aid is frequently based on academic or extracurricular success.
The Fulbright Foreign Student Program, which offers money for graduates, young professionals, and artists to study and undertake research, is arguably the most well-known grant for overseas students in the US. The government-funded scholarship pays students tuition, travel, a living allowance, and health insurance for the duration of the program.
A grassroots initiative called #YouAreWelcomeHere describes itself as “a welcome message from US higher education to international students around the world.” These two annual, renewable scholarships covering at least half of undergraduate tuition are made available by participating universities to overseas students who are committed to spreading the #YouAreWelcomeHere message. In addition, applicants must submit a multimedia project or respond to a brief essay question to utilize their leadership talents on their future campuses.
Apply For Financial Aid
Numerous US colleges now provide financial help based on need and merit-based scholarships. However, once more, this is typically restricted to domestic students, albeit not consistently. Therefore, inquire carefully to discover if your institution would help with some of your expenses. Also, be ready to give documentation about your and your family’s financial histories.
Find a Part-Time Job
Your foreign student visa may allow you to work up to 20 hours per week on campus during your first year of studies, even though it is doubtful that you will be able to do so full-time. Most foreign student visas allow applicants to request authorization to work 20 hours per week off-campus beginning in the second year. Before applying for a job, always check the requirements for your visa.
Take Up a Loan
One can also work on and manage their expenses by taking a loan from either financial aid or from the banks that can be repaid during your stay in the US.
Save Up
Even though it’s easier said than done, many overseas students try to save as much money as they can before coming to the US since they are aware that the cost of school there might be high. In the US, private colleges can price anywhere from $50,000 (£39,800) to $75,000 (£59,700), whereas public colleges typically charge between $35,000 (£27,800) and $45,000 (£35,800) annually. Commencement saving as soon as possible before the start of your course if you can. Your difficult times at university will be lessened if you have money saved up before the new semester starts.
Stay In Homestay
When studying in the US, housing costs can add up, mainly if you cannot acquire on-campus housing, where prices are typically lower. A homestay is a choice that is most commonly disregarded, though. Living with a family in the US can be advantageous because it enables overseas students to fully experience American culture and receive housing at a far lower cost than private rentals.
Use Student Discounts
In the US, a wide variety of events, eateries, and retail establishments—from well-known companies like Levi’s to internationally renowned museums like New York’s Museum of Modern Art—offer student discounts. So carry your student discount card with you everywhere you go, and the international office at your educational institute should be able to provide you with a current list of businesses that accept the card.
Stick To Your Budget
Making a budget is the most crucial piece of advice for every student attempting to complete their studies as economically as possible, whether they are studying abroad or at home. Make a summary of your weekly and monthly expenses, considering necessities like tuition, housing, and food, and allocating money for socializing. You shouldn’t be able to have a rewarding and pleasurable experience while studying in the US if you keep track of your outgoings.
Conclusion
Studying and staying in the US can be a real challenge especially if you are a student. However, this article has been compiled with information to give you an edge before you make a move and can help you plan your stay effortlessly.
