The first months in the US are almost always about dealing with everyday matters no one prepared you for. A bank account, taxes on part-time work, renting housing — all of this requires understanding local rules that differ from what you're used to. Sorting them out in advance is easier than fixing problems later.
Bank Account: Where to Start
You can open an account at a US bank without a Social Security Number (SSN). Banks accept a passport, F-1 or J-1 visa, Form I-20 or DS-2019, and an I-94 printout. Some financial institutions ask for an Individual Taxpayer Identification Number (ITIN) as an alternative to an SSN; others make do with just a passport. Major banks — Bank of America, Chase, Citibank, Wells Fargo — work with international students, but the terms vary: some require two forms of ID, others proof of address.
Practical tip: before visiting a branch, check the bank's website for the list of documents and the minimum deposit to open an account. Some banks offer student packages with no monthly fee but a limit on the number of transactions. Online services like Wise and Revolut let you open a multi-currency account with just a passport, but for everyday banking in the US they're no substitute for a local account.
Credit History: Why You Need It and How to Build It
Your credit history in the US affects more than just your ability to get a credit card. It determines the terms of renting housing, mobile phone and insurance rates, and sometimes even an employer's hiring decision. International students start from scratch, but that doesn't mean you can't start building it.
The first tool is a secured credit card. This is a card that requires a deposit, usually $200 to $500, and that deposit becomes your credit limit. The card works like a regular one, but if you don't pay your bills, the bank takes the money from the deposit. The main condition for building history is to use the card for small purchases and pay off the balance in full every month. Payment discipline accounts for 35% of your FICO credit score, so on-time payments matter more than the amount spent.
The second option is a student credit card. Some banks offer cards specifically for students, including international ones, with softer credit history requirements. Certain products, such as Zolve, allow you to apply without an SSN and without credit history, accepting a passport and proof of enrolment. If the card doesn't require a deposit, it's more convenient, but approval depends on the individual issuer's policy.
Taxes on Income: What You Need to Know
Students on an F-1 visa working on campus are usually exempt from FICA taxes — Social Security and Medicare. This means these two taxes are not withheld from your paycheck, and your net take-home pay is higher than that of American students.
However, federal income tax still applies. If your income exceeds a certain threshold, you are required to file a return using Form 1040-NR — the tax return for non-residents. Even if your income is zero, all F-1 and J-1 visa holders must file Form 8843 annually — a statement of exempt individual status. This requirement applies regardless of whether the student worked or not.
For non-residents, the tax filing deadline is 15 June, not 15 April. If the student worked in the previous calendar year, Form 1040-NR and its schedules are filed together with Form 8843. If there was no income, Form 8843 alone is sufficient. Filing may require an ITIN — it is obtained via Form W-7, which is submitted together with the tax return or separately.
Student Loans: What Is Available to International Students
US federal student loans are available only to citizens and permanent residents. An international student can turn to private loans, but most lenders require a US co-signer — a citizen or green card holder with good credit history. The co-signer bears legal responsibility for repaying the debt on equal footing with the borrower, so not everyone is willing to take on that role.
There are lenders that work without a co-signer: MPOWER Financing and Prodigy Finance. They look at academic potential rather than credit history, admission to an accredited university, and future employment prospects. MPOWER offers fixed rates from 9.99% with autopay; Prodigy Finance offers variable rates tied to SOFR, usually in the range of 9.5–13% per annum. Neither lender requires collateral, but the amounts are limited: for master's and doctoral programmes they are higher than for undergraduate.
What to Remember
The US financial system is built around credit history, and you should start building it from the first month, not when you need a rental or a loan. Tax obligations arise even with minimal income, and you can't ignore them: Form 8843 is filed annually, regardless of whether you earned anything. Student loans without a co-signer exist, but it's a niche product with higher rates than federal programmes. Planning expenses and understanding the rules help you avoid debt, not just pay current bills.