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Money Matters
Finances
As you know, the cost of a college education in the United States (U.S.) is very high. These costs should be carefully considered before making arrangements to study at The College at Brockport. Please consult your I-20 for a list of the expenses you will incur during your first year and during the first few weeks you are at the College.
You must arrive prepared to meet all of these expenses. Do not rely on earning extra money after you arrive. Financial assistance is almost never available to international students after they arrive and employment opportunities are very limited. There are also few scholarships and no educational loans available for international students.
A minimum of $1,500 ($3,000 if you plan to live off campus) will be needed on arrival for expenses such as the first month's rent and required deposits, temporary accommodations, household expenses, insurance payments, etc.
If you have been awarded a fellowship or assistantship that includes tuition, the tuition fees will be handled by the College. However, you will not receive your first housing allowance until the end of your first month at the College. Therefore, you must have your own funds (preferably travelers checks) available to pay for room, board, books, and supplies. If your fellowship does not specify that it covers the College General Fee, you will be responsible for that. You will also be responsible for paying the health insurance fee which can be found at www.brockport.edu/finaid.
Money Exchange
Before leaving home, visit a bank in your country to learn requirements for exchanging money and the value of your own currency in the United States. Know how much your own money is worth in U. S. currency before entering the country.
The basic unit of currency in the U.S. is the "dollar" and is represented by the "$" symbol. Paper money is green and is referred to as a "bill" or "bills". The following are common denominations: $1, $5, $10, $20, $50, and $100.
Coins are worth less than a dollar and their value is described in "cents," which are equivalent to 1/100th of a dollar. Coins used in the U.S. are the penny (1 cent), nickel (5 cents), dime (10 cents), quarter (25 cents), and half dollar (50 cents). There is also a dollar coin, but it is used much less often than the paper "bills". Together, bills and coins are often referred to as "cash."
After arriving in the United States, obtain several U.S. coins and bills for tipping, telephone calls and miscellaneous expenses. There will be a bank for this purpose at most major airports. Be aware that many businesses will not accept credit cards for very small purchases, and that others, such as taxi cabs or small vendors, may not have the facilities to process credit card purchases at all. Such businesses may require cash for all purchases.
Currency Restrictions and Transfer of Funds to the United States
Before finalizing your plans to arrive in the U.S., please become familiar with your government's regulations regarding currency restrictions and the transfer of funds. Some governments restrict the amount of money that can be taken out of the country. Others may restrict funds until a letter confirming enrollment has been received from the admitting institution in the U.S. Also find out what letters, if any, are required from the College in order to authorize the transfer of funds. The Office of International Student Services can provide you with the necessary documentation upon seeing proof of your full-time status.
United States Banking Services
United States banking connections should be established before you leave home. To transfer money to the U.S., you can instruct your home bank to issue a foreign draft on a U.S. bank in Brockport. This is preferable to presenting a draft on a New York City bank. Clearance on a draft between banks in different parts of the U.S. (i.e. between Brockport and NYC) can result in a delay of up to three weeks in making funds available. Since there are expenses that you must meet immediately upon arrival, you will want to avoid unnecessary delays. A few U.S. banks have branches in foreign countries. These could be used if the U.S. bank is located within the vicinity of Brockport. If not, all large U.S. banks have what are called "correspondent" foreign banks with which they have established financial connections. In most countries you can find a local bank that has correspondent relations with a U.S. bank in the Brockport area. A transfer of money from one correspondent bank to another requires obtaining a draft from the home bank and presenting it, with personal identification, to the U.S. bank. The U.S. bank will then give you credit in U.S. dollars. You may also request that your bank at home "wire" money to you (this includes a service fee) once you have opened an account at a Brockport bank.
United States Tax Obligations
Tax regulations for international visitors are quite complex and can be confusing. Generally any person earning money in the U.S. must pay some taxes. The taxes are usually taken out of the person's salary and include U.S. federal income tax, Social Security tax (FICA), and New York state income tax. You will be required to submit an income tax statement to the Internal Revenue Service (IRS) each year by the deadline of April 15. International Student Services (ISS) can provide you with information about your tax obligations.
Cost of Living in Brockport
Brockport, like most small communities, has a cost of living that is average compared to other parts of the United States. Here are some costs that are often overlooked:
- Overnight lodging upon arrival. Hotel charges range from $60-$120 a night.
- Tips (gratuity) on taxi fares and restaurant meals. Add 15 percent to the bill.
- Winter clothing. If you do not have warm winter clothing, including a heavy coat and boots, you may need to spend between $300-$500 for such items (you will want waterproof gloves and a hat as well).
- Personal and household items. Even if you rent a furnished apartment, you will have to provide linens, towels, kitchen utensils, and other basic items.
- Security deposit when renting an apartment off campus. You may have to pay three month's rent before moving into the apartment.
- Deductions from assistantships, scholarships, and other awards for federal and state taxes. Almost 30 percent will be deducted from some stipends. A student who overpays taxes may apply for a refund.
- State and local sales taxes added to the price of many items or services. These vary from state to state. New York sales tax is 8.25 percent.
