The United States is one of the most popular and top study abroad destinations for students from around the world. Almost every student who studies abroad in this country is found to have an amazing experience. Just that most of them end up making some common money mistakes.
The money mistakes that are made by students usually have the potential to make or break their experience of studying in a foreign land. However, advance research can help them in planning their budget and finance in a manner that stops them from making any such mistakes that can have even a slightly negative impact on their study abroad journey.
Given below are some of the common money mistakes that international students tend to make while studying in the U.S. universities/ colleges:
1. Poor Understanding of the Forex
It is crucial for students belonging to countries with weaker currencies to have a clear understanding of the foreign exchange rates. Even a small fluctuation in the currency exchange rate can drastically affect their budget and make them run out of cash.
2. Insufficient Research
What they must understand is that it’s not only they who are attracted towards American schools. The American schools are equally interested in attracting them given that they are going to pay them a huge sum of money as full-price tuition. Before they pay their tuition-fee, they must, however, conduct an extensive research on all the available choices and ensure that they get a complete value for their money.
3. No/ Little Information on International Student Loans
The study abroad students must do their research and try to find maximum information on international student loans that are available in the market. The student loans are readily available these days to make it possible for every student to get the best education without financial constraints of any sorts. They can, however, avail them only if they have complete information regarding the loans that are available by banks/ institutions in their home country.
4. Paying Tuition Fee by International Wire
When international students pay their tuition fee by wire transfer, it can cause a lot of problem in case the transfer doesn’t take place in time. Also, the wire transfers can cost students a lot of money as fees between the banks adds up. Furthermore, the information may even get erased from the payment before it reaches the admissions office causing additional problems for the students. It, therefore, makes sense to research other options that are available in the market and the ones offering better services to international students for transferring money to their study destination.
5. Not Informing Credit Card Companies
The student credit cards prove to be very handy for international students when it comes to managing their basic expenses. Given that they can be managed online, things become really convenient for students residing away from their hometown. The use of international credit cards can be tricky if they don’t plan things ahead of time. They need to carefully choose a card that doesn’t charge them extra for international transactions. Also, they need to alert their credit card institution whenever they travel in and out of the country so that their transaction is not flagged as fraudulent when it comes from a different country.