For many UK students, the dream of studying in America offers a wealth of opportunities and experiences. From world-class institutions to the allure of American college life, it’s no wonder the USA is a top study destination. If you’re considering this journey, planning your finances and managing foreign exchange rates is crucial. Equals Money is here to simplify that process for you.
Studying abroad in America
Why Study in the USA?
- Diverse Educational Opportunities: Whether you’re interested in liberal arts, sciences, or vocational training, American institutions offer a plethora of courses tailored to every student’s needs.
- Cultural Experience: Immersing oneself in the US allows students to broaden their horizons in a diverse cultural melting pot.
- Career Advancement: Many top global companies reside in the US. An American degree can provide a competitive edge in the job market.
Steps to Study in the USA
- Research and Choose Your College/University: Begin by identifying institutions that offer your desired program. Location, tuition fees, and provided opportunities should all factor into your choice.
- Application Process: Unlike UCAS in the UK, you might have to apply directly to each institution in the US. Typical requirements include an admissions essay, recommendation letters, and standardised test scores.
- Secure a Student Visa: Upon acceptance, you’ll require an F-1 student visa. This process involves furnishing proof of financial ability, a valid passport, and other pertinent documentation.
Funding Your American Dream
Studying abroad can indeed be a financial undertaking, but it’s a worthy investment:
- Tuition Fees: Annual fees can range from $25,000 to $50,000, contingent on the institution.
- Living Expenses: Costs can differ vastly based on location. Locations like New York and San Francisco are notably costlier.
Top Tip: Keep an eye on the GBP to USD exchange rate. Rate fluctuations can impact your budget. Equals Money's international payments service offers competitive rates, ensuring you get great value every time you transfer.
The Equals Money Advantage
Transitioning funds across borders requires a reliable ally. Here’s why Equals Money is a preferred choice:
- Faster Settlements: Ensure your tuition fees, accommodation payments, and more arrive promptly with Equals Money's same-day and next working day payments.
- Expert Support: From inquiries about exchange rates to guidance on international payments, the Equals Money team is ready to assist so you can make informed decisions when making international payments.
- Forward Contracts: Currency exchange rates fluctuate constantly, and this can impact the amount you will pay in GBP. Equals Money offers competitive exchange rates and payment solutions such as forward contracts that allow you to fix a current exchange rate for a payment or transfer up to 24 months in advance. This allows you to know in advance how much expenses will cost you in GBP and budget effectively.* You are committed to the rate you’ve booked regardless of how it moves after the fact, presenting a potential disadvantage in choosing a forward contract. However, many looking to study abroad find the stability offered by a forward contract outweighs this disadvantage.
When embarking on the journey to study in America, effective financial planning is paramount. By choosing Equals Money, you’re ensuring that your foreign exchange necessities are handled with utmost expertise, letting you enjoy and focus on your academic pursuits.