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Creating & Living on a Student Budget

by Gloria Arze-Bravo

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Be Prepared

To prepare a realistic budget, you will need to account for both administrative and personal expenses. Here is a list to get you started on factors you might consider:

Health insurance
Tuition and other academic fees
Books
Academic supplies
Dorm/Rent
Utilities
Telephone

Furnishings
Food & Board
Entertainment and leisure (movies, restaurants, snacks/beverages)
Clothing
Laundry/Cleaning
Commuting and local transportation
Dependents
Taxes

Keep in mind that the cost of living varies from city to city throughout the host country, and that large urban areas tend to be more expensive (in terms of housing, food, clothing, and entertainment) than rural areas. Check school catalogues for information on the range of projected costs involved with your program for more area-specific numbers.

Finding Funding

If you have already secured funding from your local government, make sure to convert enough of it into travellers cheques that you can then deposit in your local account (to be opened as soon as you arrive at your host country).

You may also be eligible for financial aid or student awards, depending on the program and on the agreement terms between your home and host countries. Remember that awards received from colleges or universities in the United States, for example, are usually taxed. Note that health insurance should be prioritized as a crucial part of your expenses.

Lastly, you may also be able to work part-time as a student. The number of hours will be limited by the workload of your program along with immigration rules and regulations covering international students. Check with your international study advisor upon arrival to find out about work-study openings around campus and to confirm your status.

For more suggestions, please browse through the reference materials included in our Study Abroad lessons. You will find many guides and other resources created especially for international students.

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15 Comments

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moramza – Sat, 28 Jan 2012 15:19:41 -0000

Hi ,
I am Mohan, I completed Btech in 2009 with ECE as my specialization. Now i am working as contract employee in a field which is not related to engineering.I want to do MS in canada after these 4 years. how far is my decision correct. WIll a get a admission in a good college and after job will i get a good job considering my gap??

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pradipmakwana – Wed, 04 Jan 2012 10:42:36 -0000

hi,
i m pradip makwana i have compeleted my be in ce in this year. i have to go caneda or usa for ms so please…..guide me about colleges…..and any related instruction…..please.

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empire_raj – Wed, 27 Jul 2011 07:57:28 -0000

Hi rajeev here,
am in final year of BE,i would like to do MS in electronics & communication field.could you plz sugest me the best universities/how to apply/minimum requirements n even cost of it

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empire_raj – Wed, 27 Jul 2011 07:53:28 -0000

Hi rajeev here,
am in final year of BE,i would like to do MS in electronics & communication field.could you plz sugest me the best universities/how to apply/minimum requirements n even cost of it

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pallavi m v – Mon, 28 Jun 2010 18:01:55 -0000

Hi pallavi here,
just nw i completed my BE, i would like to do MS in my Computer science branch itself.
could u pls inform how do i get seat in good college/university, what all etsts i should face, what would be the most expense that i should bare for tution as well as accomdation.Do i get any scholarship facilities??

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Oren Lahav – Mon, 16 Mar 2009 14:14:29 -0000

This differs by program. One engineering program at MIT requires 450 verbal (For non English speakers, plus you'll need a TOEFL score), 700 quantitative, and 4.5 writing as a minimum. The higher you get, the better. You should look at the school's website for official info.

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sanatosh.c.h – Mon, 16 Mar 2009 04:34:27 -0000

Hi friends …
this is Santosh, newly joined to learnhub.
i am presently in final year engi.
i would like to do M.S and i don't have best suggestion in regarding this and
life in this recession period in U.S.A.
and what would be t best score in GRE to join MIT, LOWELL.

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Dan Albrecht – Fri, 27 Feb 2009 15:58:54 -0000

Hi Srinivas,

The present economic situation around the world is definitely changed the education and job prospects upon graduation in many countries, not just the USA. There are still many benefits to coming abroad to study during these times especially since your plan to study is still a year away.

I would suggest that you read through the materials in each of our Study Canada Study USA and Study UK communities on LearnHub to better educate yourself on the benefits of each.

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Dan Albrecht – Fri, 27 Feb 2009 15:54:37 -0000

Hi Vishnu,

Congratulations on your admission to Northwestern University in Evanston, Illinois! That is a very exciting accomplishment.

Only you and your wife will be the ones who can truly know your own financial situations best and make the decisions on whether or not you can be sufficiently supported on that financial stipend. Living in the USA can have a fairly high-cost of living though so you will want to do lots of research and perhaps even talk with a financial planner about your options.

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srinivasn – Sat, 21 Feb 2009 07:14:17 -0000

Hi i am srinivas.I am planning foor the fall 2010 for bachelors computer science.I am studying BTECH THIRD year, loyola college, andhra padesh. I would like to study in US.But the present situvation is bad in US.So now which country is better for study.After completed my postgraduation in US .In case i do't have a job.Whats my position.So please sujest me.Which country is better US,cannada,UK.Please tell me…………..

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Vishnu Sreekumar – Thu, 05 Feb 2009 02:26:10 -0000

Hi,

I just got admission into Northwestern University. My fellowship stipend is going to be $1710 per month before taxes. The website says that a 14% tax will be levied. Will the remaining amount be sufficient to support myself and my spouse (who, in the worst case scenario, would not be working) in Evanston, IL, USA? -Vishnu

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Venkatramani Radhakrishnan – Tue, 03 Feb 2009 05:21:47 -0000

What about Texas May?

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alhad – Fri, 19 Dec 2008 08:59:34 -0000

very good lesson

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May L – Wed, 10 Dec 2008 19:44:12 -0000

Hi there Manisha,

I'm glad to hear that you're interested in studying within the U.S.!

I suggest you join LearnHub's Study in Illinois community.

Here you'll be able to network with educators and students who are currently studying or are thinking about pursuing studies within the State of Illinois. There's a number of lessons available there that I think will be helpful to you.

Also, please join the Study Abroad USA community.

If you have any questions, feel free to ask me.

Good Luck!

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Venkatramani Radhakrishnan – Tue, 03 Feb 2009 05:23:32 -0000

What about Texas, May?

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manisha jadav – Mon, 24 Nov 2008 13:57:56 -0000

Hi, I am MANISHA.
Which city or state in usa has moderate expense of living & study , But best for study?
I am planning foor the fall 2009 for bachelors in electrical engineering . I have complited my diploma of three years from M.S.UNIVERSITY, BARODA, INDIA
PLEASE SUGGEST ME WHICH IS BETTER FOR ME . There is no relatives of mine in USA
here is my E-mail address jadav_manisha@yahoo.com

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About the Author

Name: Gloria Arze-Bravo
About: I love Film, Literature, Rhetoric, World Politics, Pop Culture, Traveling, Animals & their rights, Comics & Graphic novels, Horror Flicks, Gaming.

Last Updated At May 14, 2012
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