From Arrival to Financial Savvy: Navigating Personal Finance as an International Student in the US

 

Autumn rolls around, and like clockwork, a wave of international students descends from every corner of the globe. This fresh start, though exciting, can be daunting at first. In my experience, a sound understanding of personal finance can help everyone plan their lives better in this new setting.

I can relate to the flood of paperwork and procedures you will encounter because I'm a graduate student from abroad who has travelled this path previously. Even though it may seem like you are facing a huge uphill climb, don't let it scare you. Every part of this journey is just a step in the process. If you just take it one step at a time, you will get through it just fine.

Once you land and successfully clear immigration, pause for a moment to look at your passport. It might have an arrival seal. This seal sometimes directly affects the update of your I-94 form, which records your arrival details. You'll need these details when you are applying for a Social Security Number (SSN). You can fetch your I-94 form from the official website a day after your arrival.

If you have signed up to be a Teaching Assistant (TA) or a Research Assistant (RA), make sure to get your employment letter from your department. This letter should have an EIN number. This is a vital part of your work authorization application, so it's a smart move to secure it early.

Then comes the Work Authorization Letter application. There is a section in UAtlas where you can do this. You can apply for your SSN after that is completed. Although SSN office might require an appointment, I discovered that I could submit my application the same day I went to the SSN office in downtown Salt Lake City. Just don't forget to take all your necessary documents.

Before you dive into your campus job, there's a mandatory step - signing an I-9 form. It's an absolute must. Once you get your work authorization sorted, make a beeline for the HR office and get that I-9 form signed. They will give you a temporary work ID number, which will hold you over until you get your SSN. Once your SSN comes in, just update your account.

Setting up a bank account is a significant move. Without an SSN, Chase Bank could be your best bet for setting up a bank account. However, if you have already got your SSN in hand, the banking sector is wide open for you. Feel free to pick any bank that you feel meets your needs. On campus, we have a U First Bank branch, which you can consider once you have your SSN. If you need any assistance with this don't hesitate to contact with the Financial Wellness Center.

The American way of life heavily depends on credit cards. For some situations, like renting a house, they are necessary. Apply for a credit card right away after getting your SSN. As they provide credit cards to persons with no credit history, Discover is an excellent first option. If you need a crash course in credit cards, our credit counselor is ready to help just reach out or book an appointment from the website of the Financial Wellness Center.

Housing can be a little tricky. For some tips and tricks, check out my previous blog post where I talk about common housing problems.

Getting around is easy for University of Utah students. Public transportation is free, and there are campus shuttles and a 24-hour security team for on-campus travel.

Getting used to the cost of living in a new country was one of the biggest difficulties I encountered. Everything looked so pricey at first. I kept comparing the costs to those in my native country, which made me hesitant to buy things. I have to learn to change my viewpoint and begin considering the local economy. Therefore, I advise against comparing the pricing here to those at home. Instead, make an effort to adjust to American living expenses.

Above all, it's essential not to let stress overtake you. There are many resources available to you at the University of Utah. Never be reluctant to seek for help or explanation when necessary. Help is available from us. We can help, whether you require support on campus or in the larger community.  Additionally, if there are days when you require basic food supplies, the institution has a center named Feed U Pantry where students can get basic foods for free.

Book an appointment with FWC to help.

 

Blog Search