FINANCIAL MATTERS – International Students

Finances – How Much to Bring

It is important that students bring enough money with them in order to pay the expenses that must be paid during the week of

orientation and the first semester of classes. Funds can be in a combination of traveler’s checks, money orders, personal checks

and/or cash.

The financial demands on new students and scholars are typically highest at the beginning of the academic year because

tuition, health insurance fees and housing deposits are due at this time. St. Cloud State University (SCSU) tuition can be paid in

need to make a deposit, sometimes up to three months’ worth of rent, in addition to paying for the first month of rent.

 Additional expenses such as temporary accommodations, books, supplies, initial household expenses, cell

phones, and other miscellaneous expenses will also need to be taken into account.

 We suggest that if you plan to pay with a check or money order that you bring two: one check payable to SCSU to

pay for the health insurance ($1,456.00) and the other check made payable to yourself to open a checking account.

 It is recommended that one obtain a small amount of U.S. currency in coins and bills ($100.00-$200.00) before arriving

in the United States to cover miscellaneous initial expenses such as cab fare and meals. Most major airports have

banks available for currency exchange and automated teller machines (ATM’s) for those who decide to obtain U.S.

currency after arrival.

Another factor to consider in one’s financial planning is that federal, state, city and/or social security taxes will be deducted from

most U.S.-source salaries, scholarships and stipends. With tax deductions typically ranging from 14 to 30 percent of the total

income, one’s available income may be significantly less than expected. The amount of tax deducted depends on the individual’s

earnings, tax status and whether he or she is a beneficiary of a tax treaty. All individuals with US-source income are required to

report their annual earnings to the Internal Revenue Service by April 15 of the following year. Anyone who has overpaid taxes

during the year will receive a tax refund after filing the tax return.

Graduate students who have been awarded a graduate assistantship, which includes a tuition waiver, will not receive their first

living allowances until one month after classes begin at the University. Tuition and fees, however, will be handled by the

University immediately. Therefore, students must have their own funds available to pay for food, housing, books and supplies.

until an enrollment confirmation letter from the admitting US institution has been received. Before leaving home, it is advisable

to determine whether any documents are required from the University in order to authorize the transfer of funds. In some cases

ISSS – International Student and Scholar Services - can provide students the necessary documentation upon seeing proof of

full-time student status.

Money Exchange

One should be aware of the home country's requirements for exchanging money and the value of the home country currency in

the United States. Travelers must declare currency amounts over $10,000 at U.S. customs upon arrival. The following are bill

denominations: $1, $5, $10, $20, $50 and $100.

United States Banking Services

United States banking connections can be established before one leaves home. Individuals may request that their banks at

home "wire" money to their U.S. accounts.

It is recommended that all new students and scholars open an account at a local bank soon after arriving in St. Cloud. All banks

have different charges and fees for services, such as ATM access, checking and overdraft protection, so it is wise to investigate

the terms and conditions of each bank and each account type before choosing. To open an account, one must present two

forms of identification, such as a passport and an SCSU Campus Card. You will need your passport number to open a bank

cleared by the bank, and may serve as proof of payment. Some banks will post scanned copies of the cashed checks in the

online account statement. It is a serious matter to write a check without having sufficient funds in the account. In addition to

various fees the bank will charge, the individual may suffer serious financial consequences and will be vulnerable to legal action.

Savings or investment accounts are used to hold money that won’t be used immediately. Such accounts bear interest which

may be taxable. Some savings or investment accounts have penalties for withdrawing funds before a fixed amount of time

elapses but many will allow holders to withdraw or transfer funds to other accounts at any time without penalty.

Automatic Teller Machines (ATM)

Basic banking, such as deposits, transfers and withdrawals, is available 24 hours a day at computerized banking machines

Credit Cards

Credit cards are used often in the United States but are sometimes difficult to obtain for international students and scholars who

have not yet established good credit in this country or do not have a Social Security number. For this reason, some students

and scholars choose to apply for credit cards in their home countries rather than in the United States.

Major credit cards in the United States are Visa, MasterCard, American Express and Discover, but businesses do not always

accept all cards. Credit cards issued by department stores or oil companies are usually easier to obtain and can be used to

establish credit.

One should use caution in using credit cards as a means of postponing payment for purchases. Almost all credit cards charge

interest, which may range from 12% to 22% per year. If a credit card is lost or stolen, it is important to file a report with the

Internet, and so there is no physical card.

In many countries the use of debit cards has become so widespread that their volume of use has overtaken or entirely replaced

the check and, in some instances, cash transactions. Like credit cards, debit cards are used widely for telephone and Internet

purchases and, unlike credit cards, the funds are transferred immediately from the bearer's bank account instead of having the

bearer pay back the money at a later date.

Debit cards may also allow for instant withdrawal of cash, acting as the ATM card for withdrawing cash and as a check

guarantee card. Merchants may also offer cashback facilities to customers, where a customer can withdraw cash along with

their purchase. Please contact your financial institution for further information about debit cards.

Expenses Often Overlooked

monthly costs of an already-established service. In furnished and unfurnished apartments, tenants have to provide

linens, towels, kitchen utensils, etc.

 State and local sales taxes on goods or services Consumer taxes vary from state to state and range from 1% to

8% (in St. Cloud 6.875%).

 Security deposit When renting an apartment off-campus, the tenant has to pay up to three months' rent before

moving into the apartment. Payments must be made by check or money order, not credit card.