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Finances
As you know, the cost of a college education in the US is very high. These costs should be carefully considered when making arrangements to study at the College of New Jersey. You must arrive prepared to meet all of these expenses. Do not rely on earning extra money after you arrive. Financial assistance is usually not available to international students after they arrive and employment opportunities are severely limited. A minimum of $1,500 ($3,000 if you plan to live off campus) will be needed at your time of arrival for such expenses as temporary accommodations, food, the first month's rent and required deposits, insurance payments, initial household expenses, etc. Your tuition must be paid in full at the beginning of the semester. You also will be responsible for paying the health insurance fee of $65 each semester.
If you are a graduate student who has been awarded a graduate assistantship position (GA), your tuition and fees (up to 30 credits) will be handled by the College. GA contracts are awarded on an annual basis. The only College related fee you will be held responsible for is your student health care ($65 US); this cost is not covered by your assistantship. Graduate students with a stipend assistantship will receive, in addition to tuition and fees, $3,000 US remuneration for the school year (this will be paid to the student in bi-weekly installments throughout the year). However, stipend assistantship holders should note that you will not receive any wages until the second month of the semester. Thus, you must have your own funds (preferably in US traveler checks) available to pay for food, housing, books, supplies and other provisions.
Problems of Currency Restrictions and Transfer of Funds to the United States
Before finalizing your plans to study in the US, 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 an enrollment confirmation letter from the admitting US institution has been received.
Money Exchange
Before leaving home, be sure to learn your country's requirements for exchanging money and the value of your own currency in the US. You must declare currency amounts over $10,000 at US customs upon arrival. Know how much the following United States coins are worth in your currency: penny, nickel, dime, and quarter. American paper money is green and is referred to as a bill or bills. The following are common bill denominations: $1, $5, $10, $20, $50, $100.
It is preferable to obtain a small amount of American currency in coins and bills before you arrive in the US. This will allow you to be prepared for tipping, telephone calls, and miscellaneous expenses. If you decide to wait until you arrive in the US to obtain some US coins and bills, there will be a bank for this purpose at most major airports.
United States Banking Services
United States banking connections can be established before you leave home. To transfer money to the US, you can instruct your home bank to issue a foreign draft on a US bank in Ewing or Trenton. This is preferable to presenting a draft on a New York City bank. Clearance on a draft between banks in different parts of the US can result in a delay of up to three weeks in making funds available. Since there are expenses which must be met immediately upon arrival, you will want to avoid such unnecessary delays. A few US banks have branches in foreign countries. These could be used if the US bank is located within the vicinity of Ewing or Trenton. If not, all large US banks have what are called "correspondent" foreign banks in which they have established financial connections. In most countries you can find a local bank that has correspondent relations with a US bank in Ewing or Trenton.
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 US bank. The US bank will then give credit in US dollars. You may also request that your bank at home "wire" money to you once you have opened an account at a Ewing or Trenton bank.
Below is a list of banks in Ewing or Trenton, close to campus, which accept the transfer of funds from overseas:
Third Federal Savings Bank
2075 Pennington Rd, Trenton
Ewing, NJ 08638
(609) 883-7033
Wachovia Bank
1488 Pennington Rd
Ewing, NJ 08618
(609)771-9224
Commerce Bank
5 State Highway 31
North
Ewing, NJ 08534
(609) 818-1037
Expenses Often Overlooked
- Overnight lodging: Hotel charges in big cities are very high-anywhere from $90-$150 a night.
- Tips on taxi fares and restaurant meals: It is customary to add 15% 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.
- Deduction from assistantships and other awards for federal and state taxes: Almost 30% will be deducted from some stipends by the federal and state governments. A student who overpays taxes may apply for a refund in April of each year (during the US "tax season").
- Personal and household items: In furnished and unfurnished apartments, you will have to provide linens, towels, kitchen utensils, etc.
- State and local sales taxes added to the price of many items or services: Consumer taxes vary from state to state and range from 1% to 8%.
- Security deposit when renting an apartment off-campus: You will have to pay three months' rent before moving into the apartment.
