Incoming International college student in the US. Anyone have personal finance advice?

Hi everyone!

I’m an incoming international college student that will be studying in California, and I plan to work in the US after I graduate. I’ve been looking at scholarship opportunities, saving on housing, etc. Anyone have any personal finance advice?

I also want to start building up my credit score because from what I’ve heard its pretty much essential if you wan to live in the US. This is pretty new to me but I’ve done some research and found that Capital One approves international students for cards, as well as Petal and TomoCredit. Thoughts on these options?

International students are expected to return home after they graduate. I’m not sure how much you can work while you’re in school. At our college, the limit is 9 hours/week.

Agree with the above, there are strict limits as to how long international students can stay in the US after graduating college. And depending on your visa type, you may not be able to work in the states during college…staff at your school should be able to give you good guidance on that.

Do you have housing, travel, and your visa secured for the fall semester/qtr?

@Muffins321 Will you come to the US on a F-1 visa? Have a look into US work requirements during your course of studies and after graduation. Latest potential developments in terms of OPT: https://www.augustnetwork.com/post/potential-opt-suspension-june-2020

You can’t plan to stay in the US after college. Your plan must be to return home. If you’re lucky you may find a company to sponsor you to stay but you can’t count on that.

What is your visa status?

When you are applying for a student visa, do not tell them that you plan to stay in the US after you graduate. If they think that you are going to illegally overstay your visa, then they might deny it.

Also, you will need to show them that you can afford to pay for your studies. If you have been offered a large scholarship or grant from the university that you are attending, that counts as a way to pay for your studies.

When I was an international student in the US, I opened up a bank account at a local bank. It was not a problem. Then I think that I got a credit card from that same bank with a rather small credit limit. However, that was a long time ago.

As of now, if you marry an American citizen/PR, you may be able to stay (though laws may change).

Be sure to keep an eye on the news.

  • Many colleges may not be able or allowed to reopen for in-person classes in the fall. If most classes are online-only, you can save money on living expenses by living at home.
  • Even if a college campus is open, expect campus operations to be modified to promote social distancing. Colleges may not have the usual number of on-campus jobs available for students. If you'd be reliant on an on-campus job for your living expenses, plan ahead.

-The US has a list of countries with entry bans due to COVID-19. If your country is on the banned list when you’re about to start school, you’d have to plan ahead to spend 14 days in another country before you can enter the US.

  • US consulates may not be open for visa interviews in countries with active covid outbreaks. Again, check and plan accordingly.

General personal finance advice: if you want to save money on housing and living expenses, don’t study in California. If you’re not confident that you’d be able to pay for full degree + living expenses, it may be prudent to postpone college for a year and apply elsewhere. (Most scholarships go to first-year students. Once you enroll somewhere, you have lost most of your financing options elsewhere.)

Don’t expect to qualify for a credit card right away; banks may be more careful about opening new lines of credit in a recession. When you are ready to apply for a credit card, be cognizant about how you report your income and expenses. (You are unlikely to be approved for a credit card if your income is less than your rent.)

^ Depends on where in CA.

My domestic daughter had a tough time getting a credit card until she was working her co-op. She had a good amount in her bank account from previous summer jobs and tutoring but it’s become harder for students to obtain credit cards without steady income.

She found that the card through her school’s credit union had the best rates. Now that she has a credit card, everyone and her brother is sending her applications for more but that initial card was difficult to obtain and has a very low credit limit.

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California is one of the most expensive states to live and find work. Scholarships are very competitive especially if you are trying to fund housing.

As indicated above, you cannot plan on staying in the US after graduation. Students are expected to return home. Trying to find an employer who would sponsor your stay would be very difficult because employers have to open up positions to American citizens first.
As an international student, working, during university studies, is very limited by your student visa. You need to plan to be self funded, with monies of your own, before arriving to California.