2025 financial checklist for international students in the U.S.
As 2025 approaches, international students studying in the U.S. should take the time to organize their finances for the upcoming academic and financial year. Whether you’re still in the planning phase or already settled into living in the U.S., being proactive can help set a strong foundation for your future in the U.S.. Here’s a year-end financial checklist to guide you.
For students preparing to move to the U.S.
Moving to a new country can be both exciting and overwhelming. Your acceptance letter is only the first step to studying in the U.S. Be sure to prioritize the following:
Research the cost of living in your destination city
The cost of housing, transportation and food varies significantly across the U.S. So, you’ll need to look into the average cost of living where you’ll be studying to create a rough budget.
Prepare to show financial ability to pay for school
As part of your U.S. visa application, you’ll need proof of financial ability to pay for tuition, books, living expenses and travel while studying in the U.S. To issue Form I-20, your designated school official (DSO) will need financial evidence such as:
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- Bank statements within the last three months
- Documentation from a parent or other sponsor
- Scholarship or financial aid letters
You can also ask your private student loan lender for a proof-of-funds letter. MPOWER Financing customers automatically receive a free visa support letter once you’ve submitted your application and supporting documentation.
Review health insurance requirements and options
The U.S. doesn’t have universal healthcare. Therefore, even basic healthcare services and medications can be expensive. Health insurance requirements vary by university, but many offer their own health insurance plans for an additional cost. Alternatively, you can explore private insurance options with our trusted partners.
For students already studying in the U.S.
The newness might have worn off if you’ve been living and studying in the U.S. for a while. Use this time to plan for the year ahead and make the most of your remaining time as an international student.
Reassess your budget
Track and adapt your budget based on your spending habits now that you’re in the U.S. Here are some quick budgeting tips for students looking to trim their expenses:
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- Save on textbooks. Instead of buying new, consider renting or using digital versions to cut costs. Your university library might also have copies available for free use.
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- Use school amenities. Most universities offer free or discounted amenities, such as on-campus fitness centers, low-cost health center services and free cultural and entertainment events.
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- Plan for travel. If you’re planning to visit family back home, be sure to book flights early and use travel comparison sites. If you plan to explore nearby areas, look at ways to use public transportation to your advantage. Public transit is a big perk of living on the East Coast!
By being mindful of your spending, you can stretch your dollar further and enjoy your time studying in the U.S. without additional financial stress.
Look for additional funding for international students
Paying for your international education is an ongoing endeavor. Continue to explore scholarships and other funding resources, such as on-campus assistantships and job opportunities for international students.
Manage student loan payments and other financial obligations
If you’ve taken out international student loans, staying on top of your debt is important. Review your loan terms to see if interest is accruing while you’re in school. Making interest-only payments or partial payments now can prevent your balance from ballooning. Set reminders for payment due dates throughout the upcoming year. Stay in contact with your lender year-round.
Prepare for tax season
If you earned income in 2024, you’ll need to file a federal tax return and possibly a state tax return (depending on where you live). Even if you didn’t work, you’ll need to at least file Form 8843 as an international student studying in the U.S.
How to get financial help for international students in the USA
MPOWER Financing offers international student loans to help support your independence at one of our 400+ approved schools in the U.S. or Canada. These funds can be used to pay for up to 100% of your education expenses in the U.S, including living expenses, meal plans and health insurance. Additionally, we don’t require a cosigner or collateral, making it an easy and affordable way to fund your international education on your own.
But MPOWER is more than just a lender. Our Path2Success program provides support every step of the way. This includes a free visa support letter, visa prep course and career services for F-1 students.
