What Foreign Exchange Students Should Know About Their Financial Options?
The financial situation of every international student is different, so it is important to discuss your financial eligibility with college officials instead of following the recommendations of your peers. Tutors from answershark.com/ will always be there to help you with any educational questions. Here are the main recommendations that foreign exchange students should know to navigate themselves financially during the first year on campus.
Many international students and their families open accounts in banks that have branches exclusively in their countries, which makes money transferring challenging. You should also remember that your student account cannot be used to withdraw cash.
Therefore, you should figure out in advance whether your home bank has branches in U.S.A., and if yes, what variants they offer to transmit money or to open an account. The banks I know of offer international banking options and have branches in the U.S. They are Bank of America and HSBC.
Buy Flight Tickets Early
We all know the cost of international flights can be very expensive and many international students are flying from a distance. Therefore, I recommend students to buy flights as early as possible.
You can also search for travel grants that may be available and travel scholarships offered through colleges, universities, or companies. For instance, the Council of International Schools Committee for Africa, Europe, and the Middle East offer travel grants each January.
If, eventually, you’ve decided not to travel to your home country for the holidays, we advise you to check out if the campus offers housing options during the holidays. Many schools close on-campus housing on holidays, so you should consider this to avoid costly hotel living.
Don’t Listen to the Advice of Your Peers
Ultimately, I advise international students not to rely only on the advice of other students. Finding out friends who attend the same study abroad program is great, but each student’s situation is different. The transition to college abroad is already a big deal for students, and implications in financial obligations can break your college experience.
I recommend financial students to take financial advice only from financial aid counselors or admissions counselors. They have substantial amounts of experience in helping students manage all aspects of transitioning to U.S. colleges and universities.
Learn Available Payment Options
I recommend you to ask your admission counselor: Does your college require a preliminary payment for every semester? Will you have to pay the whole fall tuition in the summer? Can you pay monthly payments? Are any fees for international students available? It is important to have the answers to all these questions, because it will influence your financial planning throughout the first year on campus.