Money basics for students in the US
In short: plan your money by semester, not just by month: tuition and fees, housing, food, books, a phone plan, transport and health insurance. Open a low-fee bank account, use a card carefully to start a credit history, and borrow only what you need. If you are an international student, your school's international office is the place to ask about rules tied to your visa.
Make a semester budget
- List the big, fixed costs first: tuition and fees, housing, a meal plan and required health insurance.
- Add the everyday costs: groceries, phone, transport, books and supplies, laundry.
- Add what you have: savings, family support, scholarships, any loan and any income.
- Divide by the number of months, and check it in the budget planner.
Keep a small cushion for surprises, such as a flight home or a laptop repair. See Emergency fund basics.
Bank account
Many banks and credit unions offer student accounts with no or low monthly fees. Check the fees for international transfers, ATMs and overdrafts, and whether the account changes when you graduate. A credit union near campus may be an option if you are eligible to join. See Opening your first US bank account.
Cards and credit
- If you are under 21, federal law says a card issuer must see that you can repay on your own, or you need a co-signer.
- A secured card or a student card, paid in full every month, is a common way to start a US credit history.
- Use a debit card if you find it easier to stay within your budget. See Debit card vs credit card.
Paying for school
- Scholarships and grants don't need to be repaid. Never pay a company to "guarantee" you a scholarship.
- Federal student aid is generally for US citizens and eligible non-citizens; StudentAid.gov explains who qualifies.
- Private loans may be available to other students, often with a US co-signer. See Student loans: the basics.
Working while you study
If you hold a student visa, whether and where you may work is set by immigration rules. This site doesn't give immigration advice: ask your school's international student office before you take any job.
Money from home
If family sends money for fees, compare the real cost of the transfer, including the exchange rate. Some schools accept international payments through their own partner, so check your school's payment page. Our remittance cost comparer can help.
Scams aimed at students
Common ones: callers pretending to be immigration or tax officials demanding payment, fake job offers that send you a check, and rental listings for places that don't exist. See Money scams that target newcomers.
Handy tools
- Monthly budget planner: see what is left each month and how your spending splits up.
- Remittance cost comparer: compare two transfer options by how much arrives.
General information, not financial advice. Rules, fees and rates change and depend on your situation. Check with your bank, the provider or a qualified professional before you decide.
Sources
- StudentAid.gov: Eligibility for non-US citizens
- StudentAid.gov: Federal vs private loans
- CFPB: Can a card issuer ask about my income and age when I apply?
- CFPB: Bank accounts
- CFPB: What are some common types of scams?