Paying Your Tuition & International Transfers of Money

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 ($1,400) 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 my office how to apply for a bank account properly.

 

Social Security Numbers: The student ID number issued by Fordham is NOT A SOCIAL SECURITY NUMBER (SS#) and should not be used in place of a SS#.    We strongly encourage our F-1 and J-1 students apply for a REAL SS# card.   Visit OIS for instructions.

 

 

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. 

 

Payment may be made by check (including traveler’s checks) or money order, and with Master Card and Visa credit cards. 

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:

 

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.

 

Financial Aid:  No financial aid is available to incoming students other than that awarded to you during the admission process.   Accordingly, you should make sure that your financial position is secure and that you have made the necessary arrangements regarding foreign exchange permits and transfer of funds.

 

Employment Restrictions: Regulations severely restrict the employment opportunities available to international students.  Part-time on-campus employment (up to 20 hrs per week when school is in session and up to 40 hrs during summer and winter breaks) is the only option for newly arrived international students. On-campus jobs, however, are hard to find and relatively low-paying.   Therefore, you should not expect to finance   your stay in the U.S. through employment.

 

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.