For information regarding money and finances first review the Overview then explore Additional Considerations, Currency Restrictions, Fund Transfers & Money Exchanges, Banking, Accounts & ATMs, Credit Cards and Overlooked Expenses.
It is important to plan your finances carefully:
- Do not rely on earning a great deal of extra money after arrival in the US.
- Employment in most non-immigrant visa categories is highly restricted by U.S. government regulations
- You should come prepared to meet all of your expenses.
- Financial assistance is usually not available to international students after arrival. With the exception of some undergraduate and Wharton MBA students, educational loans are generally not available.
It is important to consider that federal, state, city, and/or social security taxes will be deducted from most US-source salaries, scholarships, and stipends.
- Tax deductions typically range from 14 to 30 percent of the total income, so your available income may be significantly less than expected.
- The amount of tax deducted depends on your earnings, tax status and whether you a beneficiary of a tax treaty.
- Everyone with US-source income are required to report their annual earnings to the Internal Revenue Service by April 15 of the following year.
- Anyone who has overpaid taxes during the year will receive a tax refund after filing the tax return.
- For more information on how Penn payments to foreign nationals are taxed, please see the Office of the Comptroller.