Managing your finances is one of the most important and challenging aspects of an enjoyable academic experience. This section introduces you to a few of the basic banking options available. When selecting a bank, you should compare services, service charges and bank locations before making your decision.
When opening a bank account, most banks require two forms of identification, such as your passport and GWU student ID. They may also request to see your I-20. In addition, you will need to bring a letter from the PDSO.
Two local banks located in Boiling Springs and Shelby:
Bank Cards: Many banks issue cards that enable you to deposit and withdraw money 24 hours a day by use of an Automated Teller Machine (ATM). These machines, which are frequently located outside the bank, are very convenient. By using a bank card, customers avoid waiting in line at the bank and have access to cash after the bank closes. Banks that are members of a national ATM network allow you to access your funds with your bank card at selected ATM’s throughout the country. There is an ATM located on campus, in Tucker Student Center beside the post office. In some instances, there may be small fees associated with ATM use.
Cashing checks: To cash a check, you will need to endorse it by signing your name on the back. In addition, you will be asked for personal identification in the form of a driver’s license, a State ID or GWU ID card.
Some stores will cash a check for you if you shop there regularly. In addition, you can cash checks in our Student Account Office here on campus if it is for less than $100.
Checking Accounts: Banks offer different types of checking accounts designed to fit individual needs. The cost of checking varies from bank to bank. Some banks charge per transaction, some have a basic monthly fee, and others offer free services if you maintain a certain minimum balance in your account at all times. A list of all the account activity for the preceding month, and in some cases your cancelled checks, will be sent to you in a monthly statement. Be careful to keep an accurate record of every check you write in order to avoid having checks returned due to insufficient funds and incurring additional charges. “Bouncing” a check (writing a check for more money than you actually have in the account) is illegal and can cost you time and money. Through some banks, you can apply for a line of credit attached to your checking account that provides overdraft protection.
Savings Accounts: A savings account enables you to save money and accumulate interest on your savings. Interest is paid either monthly or quarterly. The difference between a savings and a checking account is that you cannot write checks on a savings account.
Credit cards may be convenient, especially if you unexpectedly have major expenses. You can pay expenses such as University and medical fees, airplane tickets and car repairs with any major credit card. You must understand that you can easily accumulate large bills with credit cards, and before you know it, you may be in debt. Before you accept a credit card, you must be sure to understand all your obligations. Most banks charge an annual fee. If you are unable to pay your full balance each month, you will be charged high interest rates (usually 18% or higher) on the remaining balance and any additional charges you make. Make sure you stay within your budget when making credit card purchases.
A debit card, also known as a check card, allows you to withdraw or deposit money to your bank account using an automatic teller machine (ATM) and to make purchases at stores that accept the card. Some debit cards carry a credit-card logo (such as MasterCard or Visa), and can be used in place of a check or credit card. Debit cards are not credit cards, however, and they can be used only to the extent that you have funds in the account to which they are linked.
If you deposit a check drawn on a foreign bank in your U.S. checking account, it may have to go through a collection process. This means that the money is not available to you until the U.S. bank has collected it from the foreign bank. It may take several weeks before the money is credited to your account. In countries with restrictions on foreign exchange, you may need to provide your sponsor or your family with certification of enrollment in order to receive money from your home country. The application forms for letters of certification are available in GWU International Services. Please allow five working days for processing.
It is very important to keep certain documents like your immigration documents – passport, SEVIS I-20/DS- 2021, I-94, among others in a safe place. Also, keep all records of any immigration forms you might have completed during your stay in the United States (example is the Optional Practical Training). You should also keep copies of income tax returns, monthly bank statements; apartment rent payment, important correspondence, tuition payment receipts, registration statements, etc. as you may need these items at a later date. It is wise to a build a folder of these important documents at least throughout your stay in the United
States and perhaps a few more months after leaving the United States. Do not rely on the Office of International Student Services to provide you with copies of important documents. Keep these documents for your personal records.
The Social Security Administration (SSA) is a U.S. government agency that administers programs providing benefits for retired, disabled, or eligible workers. These programs are funded through payroll contributions from employees and employers. The SSA issues a Social Security number (SSN), which is used to track earnings and benefits and also serves as a primary identification number in the United States for citizens, permanent residents, and certain eligible nonimmigrant visa holders.
For international students in F-1 or J-1 status, an SSN is not automatically issued upon arrival in the United States. A Social Security number is only assigned to individuals who are authorized to work in the U.S.
Eligibility for a Social Security NumberInternational students may apply for an SSN only after securing eligible employment. This includes:
Students who are not employed or who do not have work authorization are not eligible for a Social Security number.
Campus Employment RequirementBefore applying for an SSN, students must first obtain an on-campus job offer. Once employed, students may request a Social Security support letter from the Office of Campus Unity and Connection. This letter verifies employment and enrollment status and is required as part of the SSN application process.
How to Apply for a Social Security CardTo apply for a Social Security card, students must visit a local Social Security office and submit original documents (photocopies are not accepted). Required documents include:
Students must also complete Form SS-5 (Application for a Social Security Card), available through the Social Security Administration.
All documents must be original or certified copies issued by the appropriate agency. Notarized or photocopied documents are not accepted.
Processing TimeAfter submission, the Social Security Administration must verify a student鈥檚 immigration status with the Department of Homeland Security (DHS). In many cases, verification is completed quickly through an electronic system, and the SSN card is issued shortly afterward.
If manual verification is required, processing may take several weeks. Typical processing times range from approximately three to six weeks, depending on verification delays.
Important Notes
The Internal Revenue Service (IRS), the U.S.’s tax authority, has rules about how 成人视频 (GWU) must tax and report certain payments made to individuals who are not U.S. citizens or lawful permanent residents. Because of these rules, GWU may be required to withhold tax from your scholarship, non-service required stipends, or other scholarship waivers/benefits.This does not mean that all of your funding is automatically taxable. It means that GWU must review the type of funding you receive and your U.S. tax status to apply the tax rules correctly.
Read below to learn who these rules apply to, what types of funding may be taxable, how this is reported to the IRS, and what you need to do to ensure your payments are correctly processed.
This information generally applies to GWU students who are not U.S. citizens or lawful permanent residents and who receive certain types of funding from the University, including.
成人视频 assesses student accounts per semester for taxable funds, Fall/ Spring and Summer if applicable. Students are responsible for paying their student bill per semester. Students can contact Student Accounts with questions regarding their student bill.
GWU Student AccountsP.O. Box 7324Boiling Springs, NC 28017(704) 406-4287: phone(704) 406-3055: fax[email protected]
ExamplesScholarship applied only to tuition and required feesIf a scholarship is applied only to tuition and required fees, that amount is generally not included in gross income and not subject to tax withholding and reporting rules.聽
Scholarship with a stipendIf a scholarship includes a stipend for housing, meals, or personal expenses, that portion is included in gross income and may be subject to tax withholding and reporting rules.
Scholarship amount exceeds tuition and required feesIf the total scholarship amount is greater than the student鈥檚 tuition and required fees, the excess amount may be subject to tax withholding and reporting rules.
The tax treatment of your funding depends on both the type of payment and how the funds are used. A scholarship is often not entirely tax-free or entirely taxable. Instead, it can include both taxable and non-taxable portions. In general, the qualified portion of your funding is not taxable, while the nonqualified portion may be taxable under U.S. law.
Qualified expenses are costs directly related to your education. These usually include tuition, required enrollment fees, and required books, supplies, or equipment. Funding used for these expenses is generally not taxable.
Non-qualified expenses are costs not directly required for enrollment. These can include housing, meals, travel, living expenses, stipends for general support, health insurance charges, and any portion of your scholarship that exceeds your tuition and required fees. Funding used for these expenses is generally taxable.
For the reason that most funding packages include a mix of these expenses, it is common for only part of your scholarship or stipend to be taxed, rather than the full amount.
Amounts generally not taxableAmounts applied to qualified educational expenses are generally not taxable. These expenses may include:
Amounts that may be taxableAmounts used for non-qualified expenses may be taxable. These expenses may include:
Online Solution for Filing International Taxes-Sprintax聽is a global fintech platform specializing in聽U.S. tax compliance for nonresidents. It is the primary alternative for international students, scholars, and professionals who cannot use standard software like TurboTax due to their non-resident tax status.
Residency TestThe first step in filing your taxes in the U.S. is to take a聽聽or Residency Test.
The IRS states that F-1 students who have been in the U.S. for five years or less are considered nonresidents for taxes because the IRS code exempts students from the Substantial Presence Test for the first five years the student is in the U.S.
Students who have been in the U.S. for five years or more are considered residents for tax filing purposes. Note: Residency for tax purposes does not equate to residency for immigration status.
For students with complex residency situations, please review the聽聽provided by the Internal Revenue Service. Nonresident status:
