Studying Costs In USA

Calculating College Cost For Studies In USA

When calculating the annual cost of a US education at a particular college or university, add at least $6,000 Approx. 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 $75 to $100 per school
Academic entrance examinations will cost you around $150 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 $30,000 and $50,000 approx. per academic year (9 months), depending on the type and quality of institution
Books and study materials will cost $ 2000 to $ 4,000 approx. per academic year
Travel costs to the US vary, but will be between $500 and $2,000 Approx. Travel costs within the US will be between $300 and $700 Approx.
Room and Board will cost between $10,000 and $17,500 Approx. 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 Approx. a year per person, $2,000 to $3,500 Approx. per family
Personal expenses will cost around $2,000 Approx. per year
If you bring other family members with you, assume that your annual expenses will increase about 15% or $5,000 Approx. 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 Approx. 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.