The Institute of International Education states that approximately 65% of student funding for college comes from “Personal and Family Funds”. This means on average international students and/or their families have to provide 65% of the funding required to study in the U.S. The proportion of funding that colleges contribute stands at a scant 23% - a tiny amount when one considers how expensive U.S. college study can be. The cost of studying in the U.S. is very expensive, that said there are a few options that students and parents can explore to lighten the heavy financial load.
The first step in looking at financial aid is to calcualte exactly how much the studies will cost. Many students make the mistake of believing that the only thing they need to consider when deciding what school best fits their financial situation is to look at the tuition – this is incorrect. There are a wide variety of costs that students need to consider before they decide that U.S. study is right for them.
Here is a partial list of these costs that should be included -
- Application fees
- Test/entrance exam fees (e.g., TOEFL)
- Visa/SEVIS fees
- Tuition and fees
- Room and board (accommodation and food)
- Books and supplies (including laptop, CDs, paper, etc.)
- Travel to the United States
- Travel within the United States
- Health and medical insurance
- Personal expenses during term-time for on-campus accommodation (including clothing, telephone charges, entertainment, and leisure); and personal expenses during term breaks for on-campus accommodation (including travel, food, extra housing fees, telephone charges, entertainment, and leisure)
Doing solid reseach and building up a realistic budget will go a long way in helping you estimate your study costs. NAFSA has created a sample budget to help guide students in this process while EduPASS provides estimates of the typical costs international students may encounter.
Coming in Part 2 – Easy Ways to Reduce the Costs of Study.
