# Study costs & money in United States

> Tuition, living-cost context, banking, taxes and practical money guidance for students planning to study in United States.

Source of record: https://versityspot.com/study-abroad/united-states/costs
Confirmation: 26 of 26 sections confirmed against their official source (last 2026-08-08).

## Bank Accounts

Open a bank account in your first week with your passport, I-20 and proof of your campus address. Most large banks have a student account with no monthly fee. Many will open one without a Social Security number, and some will not, so ask before queuing.

A Social Security number is issued only if you have authorised employment. If you have an on campus job, your DSO gives you a letter, and you apply at a Social Security office. If you have no job you have no SSN, and this is normal rather than a problem to be solved.

Credit history is a genuine obstacle. You arrive with none, and it governs your ability to rent, to get a phone contract and to borrow. A secured credit card, or a student card from your bank, builds it slowly. Pay it in full every month.

Cheques still exist. So does Zelle, and Venmo, which is how Americans split a bill.

*Source: https://www.ssa.gov/*

## Taxes

Every F-1 student in the United States must file with the Internal Revenue Service every year, including those who earned nothing at all. A student with no income files Form 8843. This surprises people and it is not optional.

Most international students are nonresident aliens for tax purposes for their first five calendar years, which means you file the nonresident return, not the ordinary one. The common consumer tax software files the resident return by default, and using it can put you out of compliance. Your university almost certainly licenses software built for nonresidents. Use theirs.

Tax treaties between the United States and some countries exempt part of a student's income. Check whether yours has one.

Nonresident students are generally exempt from Social Security and Medicare withholding on wages. If your employer withholds them anyway, that is a recoverable error.

*Source: https://www.irs.gov/*

## Common questions

### What should international students know about banking in United States?

A Social Security number requires authorised work. Build credit history early, because renting depends on it.

### What should international students know about taxes in United States?

Everyone files, even with no income (Form 8843). Use your university's nonresident tax software, not the consumer kind.