Budget Tips for Foreign Students in the U.S.
By Michelle Ullman
Spending a semester or more as a foreign exchange or international student is the trip of a lifetime. It’s a chance for a teen or young adult to experience life away from parents and home -- possibly for the first time -- while being completely immersed in a new culture.
Perhaps that’s why the 2012-2013 school year had a record number of foreign college students traveling to the US for their studies. According to the Institute of International Education, nearly 820,000 foreign students enrolled in US colleges and universities during that time, an increase of 7% over the year before. Nearly half of those students traveled from China, India and South Korea. At the high school level, more than 30,000 students traveled to the US for a semester or year exchange, with the most students coming from Germany, China and Brazil.
While studying abroad is a fantastic way to gain experience about the world and yourself, it can also be difficult, lonely or confusing. If you are planning to host a foreign exchange student, or you yourself are traveling to the US to attend high school or college, be prepared to make the experience a positive one.
Prepare in Advance
Sometimes, it’s the little things that make a year (or more) abroad difficult. It’s hard to forget to enroll in school, make transportation and living arrangements and acquire a student visa before heading out on exchange, but other things are easier to overlook.
If you take a prescription medicine regularly, bring enough with you to last for at least a month or two. Better to have the medication you need (at the price you're accustomed to paying for it) than risk needing pricey, repeated refills in the US.Be aware that there is a good chance your cell phone will not work in the US, and you’ll probably want a local phone number anyway. A pay-as-you-go US phone plan and an inexpensive phone is the best solution. If your phone does work, you may incur huge charges for using it outside of your home country.Bring a few voltage adapters for your electronic appliances.Check with your home bank regarding fees or restrictions when accessing your account from the US. Check out credit cards from your home country that offer little to no foreign transaction fees when used abroad. This could save you a fair amount of money over the course of a year.Unless you're studying in the heart of a dense, major city like New York or Chicago, chances are you'll need a fair amount of money for transportation. Students in Los Angeles particularly should factor in the cost of renting a car, taking trains and even lending gas money to new friends.
Watch Your Spending
The desire to buy a whole new wardrobe, souvenirs or new gadgets might be strong once you arrive in the US, especially if the currency exchange rate works in your favor, or you are coming from a country where popular teen and young adult fashions are hard to find. While you’ll want to buy clothing that helps you fit in with your new school and friends, resist the temptation to go overboard.
Be especially careful with credit cards – banks often bombard college students with offers for high-interest, low-limit cards. You should have a monthly budget to cover all expenses, including entertainment, food and incidentals.
Setting up an online account to review your credit card or bank statement is another way to help keep tabs on your spending.
Make New Friends
Heading to a foreign country where you know no one can be scary – and you might feel tempted to spend your non-school hours holed up in your bedroom Skyping or online chatting with friends and family back home. Instead, get out and meet new people. If you are living with a host family, ask their children to introduce you to their friends. Strike up a conversation with fellow students, or join a campus club. Many universities have seminars, clubs and social events for international students, a great way to make new friends who understand the joys and challenges of a year abroad.
See New Things
Take advantage of your time in the US to see as many new sights as possible. If you’re in New York, California or Texas – combined, they host one-third of international students in the US -- you can take in a wide range of natural wonders, local attractions, historic sites and cultural hotspots, generally in less than an hour’s drive from your school’s location. Many museums and attractions offer free or discounted tickets for students, and some popular sites in nature (Yosemite, Yellowstone, Niagara Falls, etc.) are typically cheap or free for students as well.
Keep Your Eyes on the Goal
While it’s easy to get caught up in the fun and independence of your time abroad, don’t forget that the main reason for your travel is to attend school. Whether you’re in high school or college, you owe it to your family – 64% of international student’s familiespay for their trips with personal funds – to do your best to keep your grades high. Make school time your number one priority, and establish regular homework and study times, along with a rigorous class schedule. Meet regularly with your student advisor or international studies counselor, and if you run into difficulties or start to struggle, seek out assistance before your grades are affected. School is an investment, and it's not one that many people can afford to lose.
Learn About the Culture
You might not have another opportunity to immerse yourself in another culture to this extent, so take advantage of your exchange time. Sample as many different foods as possible – not just American staples like steak, burgers and barbecue, but also the many foods from other lands that are popular in the US: Italian, Mexican and Chinese cuisine are nearly as American as apple pie, and generally take on an American spin. Visit museums, historical sites or national monuments near your temporary home, and enjoy typical American teen pursuits such as trips to the mall, movies, miniature golf, laser tag, school dances and parties, and time spent just hanging out with friends.
The Bottom Line
Whether it’s a year of high school, or several years of upper graduate study, time spent as an exchange student is never a waste, just as long as you keep your mind open to new experiences, focus on school and keep an eye on your budget!
By Michelle Ullman
Spending a semester or more as a foreign exchange or international student is the trip of a lifetime. It’s a chance for a teen or young adult to experience life away from parents and home -- possibly for the first time -- while being completely immersed in a new culture.
Perhaps that’s why the 2012-2013 school year had a record number of foreign college students traveling to the US for their studies. According to the Institute of International Education, nearly 820,000 foreign students enrolled in US colleges and universities during that time, an increase of 7% over the year before. Nearly half of those students traveled from China, India and South Korea. At the high school level, more than 30,000 students traveled to the US for a semester or year exchange, with the most students coming from Germany, China and Brazil.
While studying abroad is a fantastic way to gain experience about the world and yourself, it can also be difficult, lonely or confusing. If you are planning to host a foreign exchange student, or you yourself are traveling to the US to attend high school or college, be prepared to make the experience a positive one.
Prepare in Advance
Sometimes, it’s the little things that make a year (or more) abroad difficult. It’s hard to forget to enroll in school, make transportation and living arrangements and acquire a student visa before heading out on exchange, but other things are easier to overlook.
If you take a prescription medicine regularly, bring enough with you to last for at least a month or two. Better to have the medication you need (at the price you're accustomed to paying for it) than risk needing pricey, repeated refills in the US.Be aware that there is a good chance your cell phone will not work in the US, and you’ll probably want a local phone number anyway. A pay-as-you-go US phone plan and an inexpensive phone is the best solution. If your phone does work, you may incur huge charges for using it outside of your home country.Bring a few voltage adapters for your electronic appliances.Check with your home bank regarding fees or restrictions when accessing your account from the US. Check out credit cards from your home country that offer little to no foreign transaction fees when used abroad. This could save you a fair amount of money over the course of a year.Unless you're studying in the heart of a dense, major city like New York or Chicago, chances are you'll need a fair amount of money for transportation. Students in Los Angeles particularly should factor in the cost of renting a car, taking trains and even lending gas money to new friends.
Watch Your Spending
The desire to buy a whole new wardrobe, souvenirs or new gadgets might be strong once you arrive in the US, especially if the currency exchange rate works in your favor, or you are coming from a country where popular teen and young adult fashions are hard to find. While you’ll want to buy clothing that helps you fit in with your new school and friends, resist the temptation to go overboard.
Be especially careful with credit cards – banks often bombard college students with offers for high-interest, low-limit cards. You should have a monthly budget to cover all expenses, including entertainment, food and incidentals.
Setting up an online account to review your credit card or bank statement is another way to help keep tabs on your spending.
Make New Friends
Heading to a foreign country where you know no one can be scary – and you might feel tempted to spend your non-school hours holed up in your bedroom Skyping or online chatting with friends and family back home. Instead, get out and meet new people. If you are living with a host family, ask their children to introduce you to their friends. Strike up a conversation with fellow students, or join a campus club. Many universities have seminars, clubs and social events for international students, a great way to make new friends who understand the joys and challenges of a year abroad.
See New Things
Take advantage of your time in the US to see as many new sights as possible. If you’re in New York, California or Texas – combined, they host one-third of international students in the US -- you can take in a wide range of natural wonders, local attractions, historic sites and cultural hotspots, generally in less than an hour’s drive from your school’s location. Many museums and attractions offer free or discounted tickets for students, and some popular sites in nature (Yosemite, Yellowstone, Niagara Falls, etc.) are typically cheap or free for students as well.
Keep Your Eyes on the Goal
While it’s easy to get caught up in the fun and independence of your time abroad, don’t forget that the main reason for your travel is to attend school. Whether you’re in high school or college, you owe it to your family – 64% of international student’s familiespay for their trips with personal funds – to do your best to keep your grades high. Make school time your number one priority, and establish regular homework and study times, along with a rigorous class schedule. Meet regularly with your student advisor or international studies counselor, and if you run into difficulties or start to struggle, seek out assistance before your grades are affected. School is an investment, and it's not one that many people can afford to lose.
Learn About the Culture
You might not have another opportunity to immerse yourself in another culture to this extent, so take advantage of your exchange time. Sample as many different foods as possible – not just American staples like steak, burgers and barbecue, but also the many foods from other lands that are popular in the US: Italian, Mexican and Chinese cuisine are nearly as American as apple pie, and generally take on an American spin. Visit museums, historical sites or national monuments near your temporary home, and enjoy typical American teen pursuits such as trips to the mall, movies, miniature golf, laser tag, school dances and parties, and time spent just hanging out with friends.
The Bottom Line
Whether it’s a year of high school, or several years of upper graduate study, time spent as an exchange student is never a waste, just as long as you keep your mind open to new experiences, focus on school and keep an eye on your budget!
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