Financing Your US University Education

The line “show me the money” became famous in Jerry McGuire–a movie about professional athletes. Essentially, it highlighted the essence of American’s emphasis on acquiring the full value for their services. We succinctly put it in American slang as “getting paid.”

There are three broad financial issues to pre-consider in selecting your study destination and ultimately your school. They all invariably relate to that theme, “show me the money.”

1. How much money should I allocate for my education in the USA?
2. Where can I find the money for my education in the USA?
3. What kind of payoff should I expect in return for my investment?

These three factors are general and somewhat broad, but it will encapsulate your circumstance.

How much money do I need?

So just how much money do you need to allocate for your education? Of course this is directly related to the school you choose. Each school has a specific fee structure that applies to international students. Typically, out-of-state fees apply in state schools, and private schools either charge the standard tuition, or the tuition plus some additional surcharge, usually called an international student advising fee or similar name.

You are expected to have the full amount of one year’s costs available to show the embassy by way of a bank statement of affidavit of support. But in reality, you should have four years of such support.

The university will give you an estimate for a calendar year of all expenses, including room and board and tuition, and you will then prove to them that you have the means before they issue you the documents. You should at least have up front access to twice that actual figure, or two and a half years of costs, before leaving home. The actual amount of that figure would be determined by the cost of the school.

To learn more about determining how much money you need, read: “How Much Money Do I Need, To Study In The United States?“