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Finance and Funding
Even with a Scholarship there is a financial commitment. One of the most important issues to consider is “What is the Real cost of a US University degree?”
When evaluating college costs, the first numbers people usually turn to are: tuition, room, and board. This is where InTuition offers Scholarship funding, on the bulk of the fees. But there are many indirect expenses that aren't always discussed and that you might not consider.
Fees
There are some fees required of all students and some that may have to be paid simply because of the major your child chooses. For example, science majors may have to pay a refundable lab breakage deposit of $50 to $100 per lab course. Assume that you'll get none of this amount refunded, since even the most careful student breaks a beaker occasionally. Some colleges may also have an optional student services fee, depending upon whether you choose to participate in certain activities.
Books and Supplies
Here again, this figure will vary according to the major. For example, science books can be extraordinarily expensive ($75 or more for some), and there could be ten or more books required for one English literature course. In addition, there may be lab workbooks, photocopied articles, and study guides that don't always get figured in. Estimate between $500 and $700 per year.
Room
This expense is dependent on whether you live in a dorm, off-campus apartment, group house, relative's home, etc. The dorm costs may also vary depending on whether the room is a single, double, triple, or quad bedroom. You won't know the actual amount until after you've been assigned a spot. For calculating purposes, use the average figure the college provides. Unfortunately, many colleges lump room and board charges together, which can be misleading, but the cost of dorm rooms or rent usually can be calculated accurately. The range is typically between $3,000 and $4,500 a year.
Board
If you live on campus, you may have options as to meal plans. Some schools require that all meals be eaten in the school dining centre. Others offer variable meal plans, where you sign up for any number of meals per week. What's best? You may not need three meals a day, seven days a week. So if you can, choose the plan that meets your needs. Remember, the school's estimated board cost will include only meal plans, not snacks or socializing.
Transportation and Travel
For a student living on campus, the transportation or commuting amount is probably zero, unless you have a car. If a car is involved, there are parking fees, insurance payments, and gas, oil, and maintenance costs.
You will also need to budget for flights back home or even for you to fly out to visit. We are an agent for STA Travel and can offer competitive quotes, see our Travel section.
Personal Expenses
Living expenses are highest in big cities. Personal expenses include incidental expenditures such as laundry as well as entertainment. Generally the cost of living is a lot lower in the States than in the UK and Ireland.
Health Insurance
We have negotiated a deal with a Health Care Insurance provider who run a policy designed specifically for International students attending a US University.
Funding
Currently neither the UK or Irish Government extend their Student Loan scheme to students studying overseas. So you need to be able to fund the fees on a semester basis. As a UK resident you are only able to apply for a US loan if you have an American as a co-signer on the loan. As parents, encourage your child to believe that funding an education abroad is an attainable process.
The university that you finally choose will require evidence of financial support before issuing a formal letter of admission, or before the forms needed to obtain a visa can be issued. This support includes tuition fees and cost of living expenses. Generally, a bank-verified financial-guarantee letter is required, signed by an endorser with his or her accompanying address. This should be included with the general application in order to expedite the process.
If you do take out a loan from a finance company, always read all the information carefully in the contract and keep in mind that you have to pay everything back to the provider. Look also carefully at the interest rate, which can make the repay amount much bigger. The amount you will receive depends on things like the lengths, level and field of your study.
Finance
