February 08, 2016
It is unlikely that all Chinese students studying at American universities are on a tight budget. Nonetheless, one of the secrets of building wealth is knowing as much as possible about all the “hidden costs” in advance of any venture.
In most cases, it is not a matter of costs actually being hidden. The term “hidden costs” refers to ancillary and peripheral expenses that are not part of the actual activity itself. Juwai recently published an excellent article about costs of an American education apart from tuition and housing. Among these additional expenses, Chinese students and families need to consider:
- Unforeseen medical expenses.
- Health and life insurance.
- Transportation expenses, especially when students live off-campus.
- Food. In addition to the cost of the university’s food plans (which is an add-on expense itself), no student is going to eat university food exclusively.
- Clothing. Students have to stay in style.
- Fees for remaining in campus housing during vacation periods – or for travel expenses during vacations.
All of these are common expenses faced by any student. We simply mention these to help your student experience be as pleasant as possible.