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The U.S. monetary system follows the decimal system. The basic unit is the dollar and "$" is the dollar symbol. The American dollar comes in $1, $5, $10 and $20's (used most often), but also come in $50, $100 and higher. Paper money is all the same size and color. The dollar can be divided into 100 cents. The cents symbol is a ˇ§˘Fˇ¨. Coins are 1-cent (penny), 5-cents (nickel), 10-cents (dime), 25-cents (quarter). Since U.S. coins generally do not have the value marked on them in cents, it would be wise to memorize the names of the coins before coming to the U.S.
A. AT TRINITY
1. Student accounts. The Student Accounting Office is located next to the Chapel. The office hours are:
Monday, Tuesday, Thursday, Friday: 9:00 a.m. - 4:00 p.m.
Wednesday: 9:00 a.m. ˇV 11:00 a.m. and 1:00 ˇV 4:00 p.m.
The Student Accounting office is in charge of your semester charges which are billed onto your ˇ§Student Account.ˇ¨ You may deposit personal checks, business checks, money orders, or cash into your Student Account to pay for your semester chargesIf you want to transfer money from your country before coming to the States, please contact the Business Office to obtain instructions as to how to transfer. Please include your ID NUMBER on all your payments
Charges on your student account may include tuition, student health insurance, thesis binding fee, etc. Each month you will receive a printed record (statement) of the financial activity on your student account. The statements are printed and mailed on the first of each month. The expenses will be itemized and it is wise to check over each statement immediately and carefully when you receive it to be sure there are no mistakes. If you delay before bringing your questions to Student Accounting it may be more difficult to find the answer to your question.
When you make payments to your account, be sure to include your Student ID number somewhere on your payment. If you mail your payments, it may take anywhere from one to two weeks to appear on your statement (printed record). This means that when you make payments on your account towards the end of a month it will not appear on that month's statement. You may also make payments by coming to the Student Accounting Office during office hours, or leaving your payments in the locked drop box outside the Student Accounting Office if you come after hours.
When
you register for the coming semester you have the option of paying the full semester bill (including
tuition, insurance, etc.) at registration or you can set up a three month
payment plan. to pay your entire balance for tuition, insurance, etc. If you
choose the payment plan there is a $50.00 TAPP fee (Trinity Alternative Payment
Plan). This allows you to make monthly payments but not be charged interest
during the length of the payment plan. If you begin in the fall semester your
payments are due at Registration , October 15th,
and November 15th. If you begin in the spring semester, your
payments are due at Registration,
February 15th,
and March 15th. If
you have a remaining balance on your account after the payment plan is over,
you will be charged a 1% deferment fee on the last business day of each month
until the balance is paid. Grades, transcripts and diplomas will not
be issued if your student account is not paid.
You may also cash personal checks, business checks, or money orders at the Student Accounting Office if they are made out to you (not Trinity). You may cash up to $200 per week.
2. Housing accounts. If you are living in an on-campus apartment
your housing account is separate from your student account. If you want to have
money transferred from your student account to your housing account, you must
request this each time you wish to transfer money. You will also get a statement
(record of activity) each month for your housing account. There is a 1% deferment fee charged on the 9th of each month on
rent balances that are not paid in full.
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3. International Student Scholarship Fund. In February you will be sent an application form for the International Student Scholarship for the following academic year (available to only F-1 visa students). If you need financial assistance for the coming year, you will need to fill out an application once again. Do not assume the Scholarship Committee will know your need because of previous application. You must qualify according to the listed requirements.
Generally, students who receive assistance one year will continue to receive assistance while they remain in their program. Students who receive assistance during one program, however, are not eligible for assistance from the International Student Scholarship Fund in a second program at Trinity.
Priority is given to students from developing countries who are supported by a mission organization, church or denomination and are committed to returning to their home country upon completion of their studies. Preference is given to students who involve themselves in leadership within the international and larger community.
4. Fundraising (seeking financial assistance). When opportunities arise for you to minister in churches, or for other groups, you may share your testimony of how God brought you to the United States and tell about your ministry in your home country. You are not allowed legally to use these opportunities for fundraising/sponsor-support opportunities. Please inform the Dean of Students if you are planning to use this speaking opportunity to raise funds to meet your financial needs. Solicitation from individuals should also be approved beforehand with the Dean of Students. Those receiving a scholarship from the International Student Scholarship fund may jeopardize their scholarship if found to be independently soliciting funds from churches or individuals.
The reason for this policy is that churches and individuals often have commitments to give money to Trinity and this money is sometimes redirected to individuals. However, you will put churches and individuals in an awkward position if they have made financial promises to Trinity and are then approached for additional funds from you individually. To avoid this possibility, we require that you inform the Dean of Students of your endeavors in asking for financial support.
If you are having financial difficulties, please see the Director of International Students before taking other actions related to fund-raising in the U.S. On occasion, you may be asked to do promotional speaking on behalf of your mission society and church. It is a good idea to clear this with the Director of International Students so that no misunderstanding arises.
B. MONEY TRANSFERS top
1. Currency restrictions. Before coming to the U.S. you should become familiar with your government's regulations regarding currency restrictions and the transfer of funds. Some governments restrict the amount of money that can be taken out of the country or require specific documentation before you are allowed to do so. If you need a letter from Trinity stating that you have been accepted to study here and an estimate of the costs involved, contact the International Students Office.
2. Money Transfers from Foreign Points to the U.S. If you have a checking or savings account with an American bank which has a "correspondent" relationship with a bank in your home country, it will shorten the time necessary to receive the money. The American bank can tell you if it has this status.
You should have the following information for each transfer:
- The name of the individual sending the money
- The name and location of the bank sending the money
- The date the money was sent
- The method by which the money was sent
- The exact destination of the money (receiving bank name, street address and branch number).
All money transfers take time. Sometimes uncontrollable factors can lengthen the time necessary to receive a transfer. It is wise to maintain a savings account to meet your living expenses if such problems should occur. You should make plans to receive the money long before you need it.
3. Money Transfers from the U.S. to Foreign Points. Generally, there are two ways to send money abroad: 1) you can send the item directly to the payee by purchasing an International Money Order or Foreign Draft or 2) You can have the bank send the funds to the payee in care of a foreign bank, via air mail or cable remittance. The receiving bank will then notify the payee or deposit the funds to the payee's account.
Items relying on mail delivery are subject to theft, loss or delay. These should be sent by registered mail for extra precaution. There can be tremendous delays (sometimes 6 months) in refunding money lost through the mail or cable systems, as the sending bank might have to trace the item before issuing a refund. These systems are not foolproof, but experience has shown that, in most cases, they provide adequate security.
It
is not acceptable to send a Cashier's Check or personal check outside the
United States, though this is sometimes done (primarily to Mexico and Western
Europe). If a Cashier's Check is lost or stolen, the issuing bank may not be
required to refund the money. Also, foreign banks are not required to accept
such items. Frequently these checks are sent back to the U.S. for collection so
the payee does not receive the money for a long time (frequently two months or
more).
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For further information, please contact:
Trinity Evangelical Divinity
School
International
Students Office
2065 Half Day Road
Deerfield, Illinois
60015 U.S.A.
Phone: (847)317-4063
Email: evangeme@tiu.edu
Updated 08/15/2003