Money Matters

MoneyMattersMatters that relate to money are extremely inportant as your money must be protected in the most secure way possible. What better way to protect your money by being informed and making good decisions? Other than the information posted here, take a look that our PDF file of Financial Preparations for Travel and Arrival. Please be aware that students must pay a minimum of $2,500 to the university within the first 5 days of class/before you can register. Note that you may pay the entire semester's balance if you wish but there is a minimum amount of $2,500 that must be paid first. This $2,500 takes care of all of your required health insurance and also a down payment on your courses.  There are multiple methods in making these payments, make your necessary arrangement based on the following options:

 

  • Bring two bank drafts, one payable to the university for the minimum required payment of $2,500 (or whatever amount you plan on paying the university) and the second draft made out to yourself for the remainder of your funds. This will allow you to open a bank account and have access to your money for books and personal expenses. Be aware that if you choose to bring a single bank draft that is payable to the university, SMSU will not return ANY funds to you, and excess funds are credited to your next semester. 
  • Another option would be to make out a bank draft for $2,500 to Southwest Minnesota State University and purchase international traveler's checks that amounts to around $650 from your home country. Once you arrive at SMSU, you will have to set up a payment plan (which charges a fee for service) and get the remainder of your funds from your home country during the semester. Be aware that there is the possibility of having problems with transferring money from your home country. This can cause a delay in your payment and you consequently will be charged with additional fees. In this option, you can use the traveler's check to purchase books at the bookstore and open a bank account as well as being able to meet the minimum payment requirement to Southwest Minnesota State University.
     
  • We partner with a company called Flywire. This is our recommended option for payment.  They provide a way to pay SMSU, typically in your home currency and guaranteed that they can beat your bank's exchange rates! Also, they do NOT charge any hidden fees! This program was started in the fall of 2013 and our students have had great luck with it and saved money in the process. It can be used for any item that is on your student invoice or bill such as tuition, housing, or fees. Note that this option allows you to transfer money directly to SMSU so if you want funds available for your personal use, we recommend a bank draft or traveler's checks. Get started with Flywire now!

 

Again, kindly do NOT have a single bank draft payable to Southwest Minnesota State University as you will not be able to access the balance for your personal funds after paying the minimum amount. SMSU business office will NOT refund any money to you, it is credited to your next semester charges. Be aware that traveling with thousands of dollars in cash is very dangerous and NOT recommended. An alternative is to purchase traveler's checks, bank drafts or using Flywire services.

One of the greatest cultural differences between many countries and the United States is the concept of money and deadlines.    SMSU has strict deadlines when ALL of your semester has to be paid.   You have your minimum due before you register and the remaining is due one month after classes start!  Or you can arrange a payment plan and pay your minimum and then a payment in early October and early November.    You MUST pay your bills to remain in courses and remain in legal status with the US government.   You will not earn enough in an on campus job to pay your full bill and you will not be able to barter away the deadlines.  

Last Modified: 6/29/18 12:11 PM