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INFORMATION FOR NEWLY ADMITTED STUDENTSTransfer of Funds and BudgetingIf you are expecting to receive funds from outside the U.S. during your studies, be sure you know what procedures are necessary for the transfer of funds before you leave your home country. Delays in the arrival of funds from abroad have caused much hardship and inconvenience to students in the past. Sending money electronically to your U.S. bank account is usually the safest way. Once you arrive, you can open a bank account at a convenient location on campus. When you arrive in the U.S., you should have access to enough funds to cover your expenses for the first semester, approximately $20,000-$25,000 for tuition and initial expenses (unless you receive tuition remission from the University or have pre-paid your tuition cost). Do not bring large amounts of cash. The safest and most convenient way to bring your funds with you is by travelers' checks in U.S. dollars. The small fee you pay is well worth the protection such checks provide against theft or loss. When you arrive in the U.S., you should have in hand at least $1,000 in U.S. currency and travelers' checks to cover miscellaneous initial expenses, including emergencies, until you receive your money transfer. At least $100 of this amount should be in small currency and change: you may need this to pay for a taxi, telephone calls, help with luggage, etc. Below is an overview of some major expenses to help you plan your short-term and long-term budget.
Helpful links on budgeting: |
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