Finances and Banking

Financial Assistance:  It is very important to understand that the University is not able to offer any financial assistance to you other than that which the University may have already committed to you. Employment for students in non-immigrant status is tightly controlled by U.S. Immigration and Customs Enforcement. Also, any job opportunities you find would not cover the total cost of an education here. Therefore, you must have sufficient funds from some other source if you are to attend the University, as we are not able to supplement your funds in any way. If you do not have sufficient funds, you should not come to the University. We state this forcefully to impress upon you the importance of careful planning and budgeting. Failure to plan and budget properly could result in termination of your studies at the University.

You cannot expect to work immediately upon arrival in Boulder as it may take several weeks to find an on-campus job.  (Employment for F-1 students is limited to on-campus jobs in the first year, which are relatively low-paying.)

Costs: The following is the itemized list of estimated expenses for one year (12 months):

The cost of education in the United States is high and you must plan carefully to have sufficient funds. Expect to spend an extra $6,000 per year if you have a spouse and an extra $5,500 per year for each child. You must have health insurance coverage for you and your spouse and children. Housing is included in the estimated cost of living expenses above, but rent can vary, depending on availability and preference. If you will live off-campus, expect to pay $600 to $1,600 or more per month, depending on your living situation, and at least $200 for food each month. Room and board in the CU Boulder residence halls can run from $4,390 to $5,720, depending on which dormitory you live in and how many roommates you have. Be prepared for costs to increase approximately 5 -10% each year.

CU-Boulder has its own SEVIS fee, which is $22 per semester and is included in your tuition and fee bill.  It is different from the SEVIS fee you paid to the U.S. Department of Homeland Security before you obtained your visa.

Enrollment Deposit:  New international students, except students admitted to the Interdisciplinary Telecommunications Program (ITP), Law School, and Leeds MBA program, are excused from paying their $200 enrollment deposit at the time of admission. However, the enrollment deposit will be included in your tuition and fee bill, which is due about a week after the first day of classes. The enrollment deposit is a one-time charge and will be refunded to you upon graduation or official withdrawal from the University.

Social Security Number:  Regulations for obtaining a Social Security Number (SSN) have changed as of October 2004 for F-1 students.  In order to apply for a SSN, F-1 students must: 1) show proof of an offer of employment; 2) be enrolled in full time status at CU (ISSS will provide a letter to this effect); and 3) have been registered or validated by ISSS in SEVIS for at least one day.  More details about these procedures will be available at check-in at ISSS, but the process can take up to 8 weeks.

Banking:  Boulder has many banks that welcome student business. Plan to establish a checking account so that you can pay bills and do not have to carry large amounts of cash with you. If you have substantial amounts of money paid to you in lump sums, you may want to establish a savings account or invest in short-term certificates of deposit so that your money will earn interest until you need it. If you have questions before you arrive, write one of the following suggested banks. These banks do not require a SSN to open an account:

Another banking option is the Elevations Credit Union, which is conveniently located in the University Memorial Center (student union) on central campus (and several branches in Boulder County ). You may open a temporary account for 60 days at the Credit Union without a Social Security Number (SSN), but you will have to show a copy of your application for the SSN (which now requires proof of employment and a letter from ISSS verifying your eligibility for a SSN). The Credit Union can be contacted as follows:

ElevationsCredit Union

University-Campus Branch

UMC Room 172

Boulder CO   

Phone: (303) 443-4672

http://www.uofcfcu.com /

To transfer funds to a bank in Boulder, you must first open a checking account, then arrange for your home bank to send funds. Money sent to a bank in Boulder must first clear through another bank in the United States. Find out from your bank at home which US bank will be used for this transfer of funds so you can trace the deposit if it does not arrive promptly in Boulder. After your funds arrive, you can make any necessary changes to your account, such as putting some funds in a savings account or other investment. When you open your account, ask the bank to give you a W8-BEN form. This form shows the bank that your interest should not be taxed.

Esimate of money needed when you first arrive:  It is very important that you have funds available to you as soon as you arrive in Boulder to meet your expenses for the first few weeks of school. Bring sufficient funds that are immediately negotiable, such as traveler's checks, a certified bank draft on a bank with a correspondent US bank, an internationally approved credit card, or an automatic teller machine card. After you open a bank account, money can be transferred from your bank abroad to a U.S. bank. You will need about $12,000 during your first few weeks of school to cover the following expenses:

Please go to the Bursar's Office website to see when your tuition payment is due.  Tuition may not be paid by credit card. For information on other payment options, including wire transfers, see http://www.colorado.edu/bursar/now/tuitfeebill.html

Teaching/Research Assistants:   You will not receive your first monthly pay until you have been issued a Social Security Number and have been placed on the University payroll. This process may take as long as 6 – 8 weeks . You cannot apply for a Social Security Number until your SEVIS record has been registered/validated by ISSS at check in, you have proof of employment and you are registered as a full-time student. More information about this process will be available at check-in. Confirm with your department exactly what they will cover of your tuition and fees and health insurance costs. For details on graduate tuition and fees: http://www.colorado.edu/bursar/now/tuitfeebill.html