PREPARATION OF A FINANCIAL PLAN WHEN YOU ARE ABOUT TO GO TO THE US
“How much money do I need to prepare to be able to go to the US” is one of the questions I receive the most from students when they prepare to go to the US to realize their boarding dream. me.
Most of them have never been to America, and have not had extensive and practical contact with culture and economy in America – a place that is very different from Vietnam. Therefore, having a clear financial plan will help you feel much safer when starting a new journey.
In today’s article I will share the necessary costs and financial preparation plan for those preparing to move to the US based on more than 20 years of experience living and working here, as well as the experiences I have observed based on you. my students.
1. Necessary living expenses
First of all, you need to determine your main expenses when coming to the US, including:
a. Travel costs
- Airfare: 1,000 – 1,500 USD or more (depending on flight time, departure location, as well as destination).
- Visa fee:
- J-1 Visa or H-1B Visa: ~185 – 500 USD
- SEVIS Fee (if any): ~220 USD–350 USD, depending on program typeh.
- Travel insurance (before health insurance in the US): ~100 – 200 USD/month.
b. Monthly living expenses
- Rent:
- Dorms or shared rooms/houses: 600 – 1,200 USD/month (depending on state/city, if you live alone, the cost may be higher).
- Big cities like New York, San Francisco: 1,500 – 3000 USD/month.
- Electricity, water, internet, phone, garbage..: ~300-600 USD/month.
- Food: 300 – 600 USD/month (if cooking for yourself).
- Traveling (usually you will have to buy a car to get around: ~5000-10,000 USD/used car
- Petrol: 100 – 200 USD/month.
- Car insurance: ~ 100 USD/month.
- Personal expenses (shopping, entertainment…): 100 – 200+ USD/month.
c. Medical expenses
- Health insurance: 300 – 600 USD/month (depending on type insurance and state you live in).
- Medical examination and treatment costs outside of insurance (if any): Each examination can cost from 150 – 300 USD or more.
2. Academic costs (related to USMLE and clinical internship)
- USMLE Step 1, 2CK, 3: ~1,000 USD/exam (not including the cost of rescheduling, review…)
- Cost of document translation (if any): 50-100 USD
- OET: ~455 USD/test (not including the cost of rescheduling, re-examination…)
- USMLE exam review website (UWorld, Amboss…): ~1,000 – 3,000 USD (depending on study package) * 3 (Step 1/2/3)
- Clinical internship in the US (USCE): 2,000 – 4,000 USD/4 weeks (will save more if you have connections and are accepted into a free internship) x 5 (Each IMGs will need about 5-6 USCE to have a good profile to apply to residency).
- Books and study materials: 500 – 1,000 USD.
- Application fee: 200-300 program * 30 USD (If you apply independently and without guidance from experienced people).
3. Total initial budget needed
- Starting costs (including transportation, studying, living for 1-3 months): 15,000 – 25,000 USD.
- Contingency expenses (3-6 months of living expenses): 10,000 – 25,000 USD.
In total, you need to prepare from 25,000 – 50,000 USD for the first half year after coming to the US, depending on the city/state you live in, personal spending, as well as many other unnamed expenses.
Hopefully the estimated numbers This can help you calculate and plan your upcoming journey.
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In the next section, I will share specifically about the things you need to do right after arriving in the US to optimize your expenses. Please comment “yes” if you are also looking forward to it.
If you have any questions about these costs, don’t hesitate to let me know.
Have a nice evening.
Phoenix Medical Academy.
