Cost

When calculating the annual cost of a US education at a particular college or university, add at least $6,000 Appox. to the published cost of tuition, fees, and room and board. The College Board publishes college costs, required admissions tests, and other useful information in The International Student Handbook of US Colleges.

When preparing a budget, you will need to account for the following costs:

• Application fees about $50 to $75 per school.
• Academic entrance examinations will cost you around $100 to $200 per examination, and most students take at least 2 tests. Assume that you will be spending at least $500 on tests.
• Tuition and fees will cost between $5,000 and $30,000 Appox. per academic year (9 months), depending on the type and quality of institution
• Books and study materials will cost $500 to $1,000 Appox. per academic year.
• Travel costs to the US vary, but will be between $500 and $2,000 Appox. Travel costs within the US will be between $300 and $700 Appox.
• Room and Board will cost between $3,000 and $7,500 Appox. annually. Allow an extra $1,000 to $2,000 for vacation periods when the dormitory might be closed.
• If you will be living off campus, the cost of renting an apartment will be between $300 and $600 a month, but could be much higher contingent on the location of the school. Meals should cost about $2,500 a year, assuming that you do not eat in restaurants too many times.
• Clothing will cost $500 or more annually.
• Health insurance will cost $300 to $500 Appox. a year per person, $2,000 to $3,500 Appox. per family.
• Personal expenses will cost around $2,000 Appox. per year.

If you bring other family members with you, assume that your annual expenses will increase about 15% or $5,000 Appox. for each additional family member.

If you wish to buy a car, assume that it will cost you around $4,000 a year.

If you will be traveling during the summer, assume a cost of $50 to $75 Appox. a day for touring. If you will be continuing your education during the summer, add half the figure you calculated for the full year.

Assume that your costs will increase by about 5% per year due to inflation. Do not forget to include an allowance of about 10% to account for changes in exchange rates.

Use the financial planning worksheet to estimate your costs for a year of study in the US. Be realistic when estimating costs for personal expenses.

Financial Planning Worksheet

Expense	Estimated Cost
Application and Test Fees	$____________
Tuition and Fees	$____________
Books	$____________
Travel to US	$____________
Room and Board	$____________
Expenses when school is closed	$____________
Clothing	$____________
Personal expenses	$____________
Health insurance	$____________
Summer study or travel	$____________
Additional family members	$____________
Other	$____________
ANNUAL TOTAL	$____________
Multiply the total by the number of years in your program (___)	$____________