Lana Oconnell
International students often face financial challenges due to exchange rates, transaction fees, and limited work opportunities. To avoid financial hardship, it is crucial to understand the host country's currency and budgeting. International students can seek financial advice from their universities, explore scholarship databases, and consider international student loans with varying interest rates and terms. Additionally, they should prioritize essential costs, such as rent and utilities, and cut back on non-essential spending. In times of financial difficulty, international students can also seek support from their welfare office, family, and campus listening services.
| Characteristics | Values |
|---|---|
| International students should | Understand the country's currency and monetary differences |
| Understand the foreign exchange rates | |
| Learn how to budget | |
| Choose a card without international transaction fees | |
| Alert their credit card company when traveling in and out of the country | |
| Consult with their university and/or department to take advantage of any special funding opportunities | |
| Consider international student loans | |
| Prioritize costs | |
| Talk to the right people, such as the student money advisor | |
| Find extra income |
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What You'll Learn
- Off-campus employment opportunities like CPT, pre-completion OPT, and post-completion OPT
- Apply for scholarships that serve undergraduate international students
- Work under the table by tutoring, teaching a language, etc
- Research money matters before arriving on campus
- Open a bank account and get a credit card
Off-campus employment opportunities like CPT, pre-completion OPT, and post-completion OPT
International students in the US on an F1 visa are permitted to work on-campus for up to 20 hours per week during the semester or quarter. They can also work full-time during breaks between semesters or annual vacations. However, the primary goal of an F1 visa is to study, not to make money.
One way to earn money on an F1 visa is through Optional Practical Training (OPT), which is a form of paid training directly related to your program of study. OPT can be completed before or after graduation, known as pre-completion OPT and post-completion OPT, respectively. Pre-completion OPT allows students to work legally before graduation for up to 20 hours per week during the school session and full-time during breaks or when working on a thesis or dissertation. Post-completion OPT may be authorized for full-time employment, and students are expected to work at least 20 hours per week or full-time. The OPT application process is lengthy (90+ days), so it is recommended to apply as soon as possible.
Another option for F-1 students is to participate in the CPT program, which must be completed before graduation. To qualify for CPT, students must be an F-1 student and complete one full academic year of study at an SEVP-certified school, unless they are a graduate student whose program requires immediate CPT.
International students can also generate passive income by entering competitions or renting out a room and sharing expenses. Building credit history is also important for financial independence in the US, and international students can start by bringing a major credit card from their home country or applying for a Mastercard designed for international students.
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Apply for scholarships that serve undergraduate international students
As an international undergraduate student, you may face higher costs than your domestic peers since you are not eligible for federal or state aid. However, there are still scholarships available to help fund your studies.
Firstly, it is worth consulting your academic department within your university, as they may have funds allocated to assist international students with exceptional financial need and/or talent.
There are also scholarships provided by universities and organisations such as the Fulbright Program, the University at Albany, and the Aga Khan Foundation. These scholarships can help cover tuition, housing, or research costs. However, scholarships for undergraduate international students are often competitive, so it is important to stand out and apply for scholarships that fit your specific profile.
Additionally, there are companies that offer scholarships for undergraduate international students, such as the monthly scholarship series by IAPD, which awards three $1,000 scholarships to international students each month.
Finally, while it may not be a traditional scholarship, curricular practical training (CPT) allows international students to earn money by working off-campus in a field directly related to their degree. This can provide a source of income to supplement your studies, but it does require filing paperwork and has time limits.
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Work under the table by tutoring, teaching a language, etc
If you're an international student in the US and are running out of money, one option is to work under the table by tutoring or teaching a language. This means getting paid in cash for your services, without any official paperwork or tax declarations. While this may be tempting, it's important to understand the risks involved and the legal requirements for working in the US.
Tutoring can be a great way to earn some extra cash, and you can tutor in a variety of subjects, including languages. You can find tutoring opportunities at your university or through online platforms. For example, Preply is an online tutoring platform that connects tutors with students worldwide. To get started, you'll need to create a profile with your qualifications, hourly rate, and availability. While some platforms may require tutors to have certain qualifications or degrees, others, like Preply, only require that you speak the language to a high or native level.
If you're an English speaker, you might consider teaching English as a foreign language, either in the US or abroad. Many schools worldwide are in high demand for qualified TEFL-certified teachers, and some schools will hire Americans or other native English speakers without work permits. However, teaching English is considered work, and foreign workers typically need the appropriate visa or work permit. The potential penalties for working without a visa vary from country to country but may include fines, deportation, or bans from re-entering the country.
Another option is to tutor students in your native language. Many universities offer language courses and provide tutoring services to support their students. For example, Middlebury University offers peer tutoring for students enrolled in international language courses, and tutors are hired based on referrals and CTLR needs.
While working under the table may be tempting due to financial difficulties, it's important to remember that there are often legal and financial implications involved. It's best to research and understand the laws and regulations of the country you're studying in before engaging in any unofficial work.
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Research money matters before arriving on campus
It is important to research money matters before arriving on campus as an international student. This will help you gain a theoretical background on the financial situations you may face and enable you to make better financial decisions. Here are some things to consider:
Bank Accounts
It is advisable to open a bank account with a bank on or near your campus within the first few days of your arrival. Having a bank account will allow you to deposit traveller's cheques, arrange wire transfers, and manage your finances more efficiently. Be prepared to provide supporting documents, such as a Social Security Number, Student ID Number, Passport Number, or other forms of identification. Additionally, consider the various fees associated with banking, such as international transaction and currency exchange fees, and select a bank that best suits your needs.
Payment Methods
Familiarise yourself with different payment methods commonly used in your country of study. Credit cards, debit cards, and checks are widely accepted in the US, and having a credit card can help you build credit history and maintain good financial records. However, be cautious of the grace periods and interest rates associated with credit cards. Traveler's checks are a safe and easy way to transport money, especially if you are carrying large amounts of cash.
Cost of Living
Research the cost of living, including transportation, at your college or university. Understanding the financial requirements will help you plan your budget accordingly and explore options for on-campus employment or scholarships to support your stay.
Employment Opportunities
As an international student, you may have restrictions on the number of working hours permitted. In the US, F1 visa holders can work on-campus for up to 20 hours per week during the semester and full-time during breaks. Students intending to work should apply for a Social Security Number. Additionally, look out for competitions that offer cash prizes, which can be a legal way to generate passive income.
Scholarships and Financial Ability
Research and apply for scholarships to demonstrate your financial ability and secure funding for your studies. International students are often required to provide proof of financial ability, which can be done through bank statements showing liquid assets or letters from employers indicating financial support.
By researching these aspects of money matters, you will be better equipped to navigate your financial journey as an international student on campus.
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Open a bank account and get a credit card
As an international student, you may be able to open a bank account in the United States for personal banking. The type of bank account that would be best depends on the account terms, features, and your individual needs. Checking and savings accounts can be useful tools for international students.
Before opening a bank account, it is important to research the different options and their requirements. For instance, Bank of America requires international students to provide two forms of identification, a tax identification number, and documents that show proof of both a foreign and U.S. address. On the other hand, Chase requires proof of address, such as utility bills, lease agreements, and letters from a university.
It is also important to ask about banking fees, minimum balances, overdraft charges, and international activities. Most banks provide online banking, which can be useful for students receiving wire transfers from parents or sponsors, and some banks are entirely online.
Once you have a bank account, you can consider getting a credit card. Some companies are reluctant to issue credit cards to international students as they do not have an established credit history in the United States. However, there are some credit cards designed with international students in mind, such as the Mastercard offered by Deserve, and the Bank of America Travel Rewards credit card for Students.
If you already have a major credit card from your home country, consider bringing it with you. After reviewing your credit limit on the foreign card, U.S. banks may be more likely to offer you a credit card. Additionally, secured credit cards are an option for international students. These cards require a deposit, which acts as the credit line, and they don't always require a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
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Frequently asked questions
First, it's important to understand the monetary system of the country you're in and how it differs from your home country. Then, prioritize your costs and pay for the most important things first. Finally, seek advice from your university's student money advisor, and consider taking out a loan or borrowing money from family.
International students can save money by using a card without international transaction fees, and by being aware of foreign exchange rates. Students can also save money by buying second-hand textbooks, limiting how much they spend on going out, and choosing affordable housing.
International students should first investigate loans from their family or university, as these are safer options. They can also consider taking out a private loan, but they should be aware of the interest rates and terms offered by different lenders and seek advice from a financial advisor.
