After you have received admission to an American university and obtained the I-20 document for your F-1 visa, the next important step is: paying the tuition fees and housing costs, also known as the "Cost of Attendance." Timely payment of these fees is essential to secure your place at the university and complete all necessary formalities before the start of the program.
In this guide, you will learn what costs are included in the "Cost of Attendance," how and when they need to be paid, and which payment methods are recommended.
The Cost of Attendance (COA) is the total cost breakdown calculated by the university for an academic year or semester. It gives you an overview of all the expenses you will incur. Typical components of the Cost of Attendance include:
Tuition: These are the costs for attending lectures, seminars, and other academic events. Tuition fees vary significantly depending on the university and field of study.
Room and Board: These costs cover the rent for the student dormitory and meals, often offered in the form of a "Meal Plan." If you live off-campus, the estimated rent and living expenses are included in this category.
Health Insurance: This is often billed together with the tuition fees and must generally be paid in advance for the entire academic year.
Additional expenses such as books, study materials, and personal expenses are often not directly included in the Cost of Attendance but should also be considered in your budget planning.
The first payment is typically due after you have received your I-20 document. In contrast to other fees (e.g., the application fee or enrollment deposit), the tuition fees and housing costs are usually payable only after the issuance of the I-20. The exact due date depends on the university and is typically communicated to you by email or available in your student portal.
Tuition and Room and Board are billed per semester in installments. You pay the tuition fees and housing costs for the Fall Semester and then again for the Spring Semester.
Health Insurance, on the other hand, is often calculated for the entire academic year in advance and must be paid as a one-time amount.
Other fees (e.g., course fees or special program fees) may also be incurred depending on your course selection and the university. Be sure to check the details on your fee statement.
Note
The deadlines for paying the fees vary by university. Make sure to meet the deadlines to avoid late fees or problems with course registration.
After receiving your I-20 document, you should log in to your university account to review all upcoming payments. You will typically find the payment information under the following sections:
"Student Accounts" or "My Finances": This is the area of your university portal where all due amounts, payment history, and upcoming fees are listed.
"Billing Statements": Here you will find the detailed breakdowns of the tuition fees and housing costs, often sorted by semester.
"Make a Payment": Under this menu item, you can make the payment. This section will also show you which payment methods the university accepts.
Choosing the right payment method is crucial to avoid unnecessary transaction fees and delays. Most universities offer a variety of options, including:
Online payment by credit card/debit card: This method is the easiest and fastest, but be aware of any processing fees charged by the university (typically between 2-3% of the amount).
Bank wire transfer: This method is often used but can be costly due to high transfer fees and currency conversions.
Recommended method: Transfer with Wise.com:
Wise is an online payment service specifically developed for international transfers. It often offers better exchange rates and lower fees than traditional bank wire transfers.
How does Wise work?
Create an account on Wise.com.
Select the amount and currency (e.g., USD) you want to transfer to the university.
Enter the university's banking details (you can find these in the finance section of your university account).
Confirm the transfer and save the confirmation as a PDF.
Why Wise?
More favorable exchange rates.
Transparent fee structure.
Fast transfer times (often within a few hours).
You can track payments and send a confirmation directly to the university's finance office.
Tip
Use Wise to pay the tuition fees and use a credit card or debit card for smaller fees like the health insurance.
Here are the typical steps to follow when making your first payment:
Log in to the university's student portal.
Go to the "Student Accounts" or "Billing" section.
Click on "Make a Payment".
Select the amounts to be paid (Tuition, Room and Board, Health Insurance).
Choose the preferred payment method (Wise, credit card, wire transfer).
Enter the required information and confirm the payment.
Save the payment confirmation as a PDF and upload it to your university account if the university requires it.
Q: When do I have to pay the first semester fee?
A: Typically, shortly before the start of the semester, after you have received your I-20. You can find the exact deadline in your student portal.
Q: Can I pay the fees in installments?
A: Some universities offer payment plans. However, you often need to apply for these separately. Contact the university's finance office to discuss this.
Q: What happens if I can't pay on time?
A: Immediately contact the university's finance department to find a solution. Some universities offer extensions or payment plans if you notify them in a timely manner.
Q: Are there any special regulations for the health insurance?
A: Health insurance is often paid in advance for the entire academic year. If you use the university's own insurance, it is often automatically charged together with the semester fees.
Paying the Cost of Attendance is an important step to complete your enrollment and ensure a successful start to your studies in the USA. Use the deadlines and payment methods specified by the university and allow enough time for international transfers to avoid delays.
Our recommendation:
Use Wise for the payment of tuition fees to minimize exchange rate fees and efficiently process the payments. Make sure to regularly check the payment status in your university account and save all confirmations.
If you have any questions or need assistance, the Smarthlete team is always available to help!