4 financial issues to know when studying abroad in the US

Finances are often one of the biggest concerns for international students when coming to study in the US. Experts say that many international students' perceptions of this issue are still not true to reality.

Before coming to the US, international students often have many concerns such as not knowing what subjects they will study, what their classmates and living environment are like, what the exchange rate is to convert local currency to USD, etc.

One of the most difficult issues is finance. To ensure financial resources for the entire study process, you need to have the right perspective. The Huffington Post has pointed out the following 4 issues to note:

1. The real cost of studying abroad

Many international students underestimate the cost of studying abroad, Jackie Anderson, director of student finance at the Illinois Institute of Technology, told The Huffington Post.

In addition to visa costs, living expenses, and tuition fees, international students need to consider health insurance in case of illness, and the possibility that the university will increase tuition fees in the next few years...

2. Social and emergency expenses

After preparing all the essentials, international students need to set aside a separate amount of money for emergencies or for social activities such as gathering with friends or participating in some necessary events.

“I find that many students don’t consider the need to buy a nice outfit for a dance or some other school event. Or in some situations, they need money for medical bills or plane tickets,” Anderson added.

3. Find a place to send money in the US

International students need to open a bank account in the US and deposit money into it. Look for a bank with good service, a wide network of ATMs, no monthly service fees…

4. Receive money from family in case of need

International students in the US can receive money transfers from their families through the banking system or some reputable companies that have transactions.

When choosing a money transfer service, students need to consider factors such as low transfer fees, reasonable exchange rates, fast transfer times, etc.

According to TNO