Estimate of Expenses
The cost of living in the New York metropolitan area is high, relative to other areas of the U.S. The amount estimated for living expenses on your Certificate of Eligibility ($2,000/month) is a very low average figure. This estimate is conservative to facilitate the visa application. It is extremely difficult to live in New York City for less than the indicated amount. You will need more money if you wish to enjoy social events in New York City, travel to other parts of the U.S., or remain in the U.S. for the summer months. Please note that the cost of tuition and living expenses usually increase each year.
Planning your Budget
If your native language is not English, your department may require you to take an English test upon arrival, regardless of your TOEFL score. Based on the results, you may be required to take classes at Fordham University’s Institute of American Language and Culture. Graduate students will not receive degree credits for these classes. Consequently, this will lengthen the time you will need to earn your degree and increase your costs.
As an F-1 or J-1 student, you are required to carry a full-time program of study (undergraduate, 12 credits; graduate, 9 credits; IALC 18 hours/week) during the academic year (September to May).
Initial Expenses: For taxis, meals, telephone calls, etc. you should have about $200 in small bills and $1000 to $2000 in US dollar traveler’s checks. Even in NYC it can be difficult to exchange currency. It is not advisable to carry large amounts of cash.
Banking: You should plan to open a bank account in New York as soon as possible after you arrive. Consult with the OIS on how to apply for a bank account properly.
Credit Cards: International bank transfers are frequently delayed and, in New York City it is difficult to cash checks drawn on overseas banks. Credit cards such as Master Card and Visa are extremely useful, as are traveler’s checks. Again, it is not advisable to carry a lot of cash. You can use your Visa or Master Cards from your home country here, but ask your bank first. You might have to activate your card for overseas use.
Social Security Numbers: The student ID number issued by Fordham is NOT A SOCIAL SECURITY NUMBER (SSN) and should not be used in place of a SS#. Due to recent regulations, it is highly difficult for F-1 and J-1 students to obtain a SSN card, unless you have employment authorization. You do NOT need a SSN unless you are working.
Transfer of Funds: If your country allows foreign exchange transfers, you should find a bank in your home country that can transfer funds to a corresponding bank in New York. The OIS is happy to provide any official letters needed to obtain permission to exchange currency. The major banks have branches in New York City. Delays in bank transfers are common and the University requires full payment of the first semester’s tuition before starting classes.
How to Pay Tuition
All students must pay one semester’s tuition and any on-campus room and board fees during registration. For more information, click here.
Payment may be made by cash, check (including traveler’s checks), wire transfer, debit card or money order. Fordham does not accept payment by credit card for Tuition, Room and Board, Technology Fee and General Fees. The only exception is students from Fordham School of Professional and Continuing Studies and Summer Institute of American Language and Culture.. For these students, Visa, Mastercard and American Express are accepted.
Payment is expected to be made in full. We suggest that you bring a check, in US$, payable to Fordham University, for the amount you expect to pay. If the check exceeds the amount due, you will receive a refund once your home bank clears the check. We do not recommend that you rely on bank transfers because of frequent delays. Fordham charges a fee for late tuition payments.
It is possible to wire money to Fordham. Here is the procedure to wire money into your account:
1. Find out your student ID number(it is in the following format: 000-01-8133) If you do not know it yet, you can find out by emailing our office (ois@fordham.edu)
2. Go to your bank in your country and request a wire transfer The transfer must include the following information:
Bank of America
100 West 33rd Street
New York, NY 10001
ABA # (or Swift number): 0260-0959-3
For credit to Fordham University
Fordham University’s Account #:4830-0692-5201
Your name
Your Fordham student identification number
The amount of money you are transferring
For international wires, in place of the ABA number,
Use swift number: BOFAUS3N
For ACH transfers, in place of ABA number above
Use ABA No. 0210-0032-2
Be aware that banks characteristically charge a fee for wire transfers. The typical charge is $15.00. That sum is usually deducted from the amount sent via the wire transfer. |
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