STUDY ABROAD - FINANCIAL GUARANTEE: USA 2016/2017
The most important part of your preparation for your study abroad is securing your US visa. Students will have to demonstrate that they have sufficient funds
available according to which campus you attend. Each campus will set the amount that they think you will need in order to live and study there and this varies
from campus to campus. The figure is not necessarily what you will spend
The figures you will find for each institution can give you an idea of how much you will need to guarantee. If you are going for a 1 semester then the amount will be
halved. Most of the guarantee figures are from 2015-2016. The cost of the insurance has been included in the guarantee figures as, at most of the US universities,
their insurance policy is mandatory. However, you will also need to purchase the Sussex insurance that will cover you from the moment you leave your home until
your return. It also provides lap-top cover and has far better repatriation costs in case you were taken seriously ill and needed to be brought home by air
ambulance.
In order to secure your visa you will have to pay for the SEVIS and visa costs and these figures are the same for either a semester or a year. There is chance there
could be a slight increase before you go abroad
You will be given a Financial Guarantee form from your exchange university where you will specify the various sources: student loan, parents, other family
members, yourself. When you complete the form your guarantor will have to sign it and supply an up-to-date bank statement or building
society statement showing that the funds that have been guaranteed are available. The funds do not have to be from one source.
Nearly all students will use their UK Government student loan as part of their guarantee and these are the loan figures for 2015/2016. If you are going for one
semester you will only be able to use part of your student loan.
The UK Government Student Loan – Overseas Rates (basic)
The non means tested student loan (all students
get this part)
The means tested student loan (some students
get this part)
FULL LOAN
You may be eligible for a means tested loan of
£119 per week for the extra weeks of study in
some universities
TOTAL
£4,433 (currently £3,731)
£2,837
£6,820
£357 (3 x £116)
£7,177
Some students receive a maintenance grant and bursary / Chancellor’s
scholarship on top of their student loan. These payments can also be used
towards the financial guarantee.
In addition, the Government gives a means tested travel grant to cover airfare
(less than £303) and medical insurance, vaccinations and visa costs.
If you are studying abroad for the academic year you will only pay 15% of your
usual tuition fee to Sussex (you will not be given the rest to spend!) and no
tuition fees to your exchange university. If you are studying abroad for one
semester then you will just pay your regular tuition fee to Sussex and no tuition
fees to your exchange university. You cannot use your tuition fee loan as
part of your guarantee.