5 Things International Students Should Know 

As an international student, managing your finances in a new country can be a challenge. This finance management can come in various forms, including applying for, and acquiring a social security card as soon as possible, making sure that ones’ taxes are filed within the deadline of every tax season, looking out for ways to pay for school and knowing that international students are not qualified to apply for FAFSA, and building and improving one’s credit score. In my experience, what has worked so well for me in the aforementioned areas is self-advocacy.  

I would like to share the importance of self-advocacy for international students in finance management. Imagine arriving in a country that is financially structured differently from what you are used to. Perhaps, you are alone with no family member living in that country to guide you through some of the important things you need to do about your finances and new financial expectations. Therefore, one needs to be one’s own advocate, which requires having the knowledge of where to seek assistance and the available resources. This is where the Financial Wellness Center (FWC) at the University of Utah comes in by offering a wealth of resources designed to help all the U students to navigate their financial management journey and challenges. Here are five essential things that international students should know as you navigate your financial wellness: 

 1. Tax Filing Through VITA Tax Clinics   
One of the most important financial tasks for international students is tax filing. It is crucial to file your taxes under the right filing status. As an international student, you are considered a non-resident for tax purposes unless you meet specific criteria. I was eligible to file as a resident for tax purposes on my 6th year in the U.S. To determine your eligibility, always use the substantial presence test to confirm your status. The FWC hosts Volunteer Income Tax Assistance (VITA) Clinics to help international students file their taxes accurately, ensuring you comply with U.S. tax laws and avoid any mistakes that could lead to penalties. 

2. Apply for a Social Security Card as Soon as Possible 
As an international student, applying for a Social Security card should be one of your first priorities. You will need this card for several essential tasks, such as opening a bank account, applying for on-campus or off-campus employment, and filing taxes. It is important to apply for your Social Security card as soon as you are eligible to avoid delays in completing these processes. I got a job offer on campus and applied with my job offer letter. Here is some further information: https://www.ssa.gov/forms/ss-5.pdf. Ensure you understand the requirements and the necessary documentation to avoid delays. 

3. International Students Are Not Eligible for Federal Financial Aid  
Many international students are surprised to learn that they are not eligible to complete the Free Application for Federal Student Aid (FAFSA). This is a tool for residents to file for federal aid.  However, FAFSA is only available to U.S. citizens and permanent residents. This does not mean that international students are without options. I was always proactive to look for alternative financial resources on the campus and the FWC can help you find alternative financial resources, including university-specific scholarships, private loans, and funding opportunities from international organizations. For some university-funded scholarships, you may need to submit your federal student Aid Estimator (FSAE) results to the University Office of Scholarships & Financial Aid (UOSFA) at financialaid@utah.edu. Be proactive in researching all your options, as they can greatly reduce your financial burden. 

4. The Financial Wellness Center Can Help You Build and Improve Your Credit Score 
Building and maintaining a good credit score is crucial for international students, as it impacts your ability to rent apartments, obtain loans, and even secure certain jobs. The Financial Wellness Center offers workshops and individual counseling to help students understand how credit scores work and how to improve them. I have benefitted from this service in my struggle to maintain a good credit score while navigating my financial challenges as a full-time student. Whether you’re new to the U.S. credit system or looking to improve your score, the FWC provides helpful resources on how to build credit responsibly. Establishing a good credit score early can benefit you long after graduation. 

5. The Financial Wellness Center Offers Tips on How to Pay for School 
Paying for your education can be a significant concern, especially as an international student. The FWC offersvaluable tips and resources to help you manage the costs of your education. They can help you explore alternative financial aid options like scholarships, private loans, and payment plans. The FWC also provides education and support with budgeting strategies to help you manage tuition fees and living expenses. In my experience, you do not want to miss out in this service. All services at the FWC are completely free for both domestic and international students, and they are available to help you make smart financial decisions throughout your studies. 

 

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