In making a financial assessment of whether or not study in the United States will be possible for you, consider the following:

Foreign students currently in the U.S. agree that study in the United States is usually more expensive than they had expected. You must plan for the total cost of living and studying over a period of one to two years for a master's degree and three to seven years for a doctoral degree. The total "published" cost for one academic year (1990-1991) ranges from $8,500 to $18,000 per academic year. The total cost will usually be at least year higher than the cost of tuition, fees, and room and board, published in $6,000 per year higher than the cost of tuition, fees, and room and board, published in the university catalog. About 75 percent of all foreign students are funded by home-country sources, either from private funds or home-country scholarships. If graduate departments offer financial assistance, they often wait until after the first year of graduate study. if your field enjoys a high level of grant funding for research in U.S. universities, however, you may be able to qualify for a research assistantship in the first year. Current immigration regulations restrict the possibility of working outside the university to support yourself as a student. Even if you can find work, no job that you could find pays wages that will cover all your expenses.

Estimating Expenses for One Academic Year ::

When you apply for a student visa, you will need to show evidence of support adequate to cover study and living expenses for at least one academic year. (An academic year usually lasts nine months.)

The cost of study varies widely among institutions, and the cost of living varies from one location to the next. To compare total costs, therefore, you will need to do some research. A basic reference is: The College Board Handbook: Foreign Student Supplement, published by the College Board. This book compares tuition and the cost of living based on estimates from each institution.

Table II details costs involved in U.S. study for one academic year of nine months. Costs are for an unaccompanied student unless otherwise indicated. Sponsored students should check with their sponsoring agency about terms of their support. After arrival in the United States, they should maintain contact with designated agencies or, if sponsored by the homecountry government, with the cultural or education section of their embassy in the United States.

Economic Factors ::

If you plan to receive funds from your home country, fluctuations of the exchange rate between currency in your country and the U.S. dollar may make a significant difference in the dollar value of your funds over the period of your stay in the United States.

In financial planning, you should adjust cost estimates to allow for inflation. In recent years, the rate of inflation in the United States has been under five percent annually.

Hidden Costs ::

In addition to published costs, which include application fees, tuition, miscellaneous fees, books, health insurance, and room and board, you will need to add at least $6,000 per academic year to cover "hidden" costs. These hidden costs, detailed in Table II, include personal expenses, costs when residence halls are closed, required health insurance and medical expenses which may exceed coverage, and changes in the value of currency. if you travel or study during the summer, if you live off campus, if you bring other members of your family, or if you buy a car, you must add in these extra costs.

Income Sources ::

Consider all funds available, and how much can be drawn from each source. For example:

Annual family income, the earnings per year of each member of the immediate family who will provide money toward your education;

Family assets, current holdings in bank accounts, investments in stocks and bonds, business enterprises, debts owed to the family, and any other assets from which money could be drawn or obtained through sales or loans in an emergency;

Your own earnings until departure, savings from earnings and gifts, investments or property; and

Other sources, such as relatives in the United States, or a sponsor (individual, government agency, or private organization) in your country who has agreed to pay all or part of your educational expenses.

Using a Financial Worksheet ::

On a financial worksheet, estimate your expenses for each major item for one academic year at the institution(s) in which you are interested. Estimate other expenses according to where you will be living, what sort of housing is available and other factors that you can anticipate. Then list and add the amounts that will be available for your educational expenses from each of the sources described above and convert the total to U.S. dollars. If the total is less than the costs anticipated for the first year, you will need financial aid to make up the difference, plus an extra amount for emergencies. For each additional year of study, repeat this process, adding an appropriate amount to cover inflationary increases.

To avoid disappointment, do not plan to make up the difference by working or finding a scholarship once you get to the United States.

Financial Assistance ::

Many students in other countries seem to believe that foreign students can easily get the money they need for study once they have been admitted to a college or university in the United States. That is an incorrect assumption and can lead to hardship and disappointment. Most institutions have committed all their scholarship and loan funds long before the academic year begins. Accordingly, the best time to arrange U.S.-based financial assistance is before you leave home for the United States. Applications for financial aid must be initiated as early as one-and-a-half years before departure. See Step 9 for suggestions on searching for financial aid.