Calculating College Costs
When calculating the annual cost of a US education at a particular college or university, add at least $6,000 to the published cost of tuition, fees, and room and board. The College Board publishes college costs, required admissions tests, and other useful information in The International Student Handbook of US Colleges.
When preparing a budget, you will need to account for the following costs:
If you bring other family members with you, assume that your annual expenses will increase by about 15% or $5,000 for each additional family member.
If you intend to buy a car, assume that it will cost you about $4,000 a year.
If you will be traveling during the summer, assume a cost of $50 to $75 a day for tourist activities. If you will be continuing your education during the summer, add half the figure you calculated for the academic year.
Assume that your costs will increase by about 5% per year due to inflation. Don't forget to include an allowance of about 10% to account for fluctuations in exchange rates.
Use the financial planning worksheet to estimate your costs for a year of study in the US. Be realistic when estimating costs for personal expenses.
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