Personal Finances

Prices can vary, but you can generally expect things to be more expensive than in the United States. An additional factor is the U.S. Dollar to Euro exchange rate. The exchange rate recently has hovered around $1.56 to €1.00, which means that everything is 64% more expensive. 

Click for United States, Canadian and Australian Exchange Rate

or to do money conversion calculations:

www.xe.com

www.exchangerate.com

The following table will give you a general idea of what sort of prices you can expect in the city (remember prices are in Euro):

Personal checks can be cashed at the College. Prior to departure, students should consult with their bank as to the best possible means of handling checking and saving accounts while away. Some students have found it easier to authorize someone in North America to handle their finances rather than to have bills and statements mailed to them at the College. Many banks and credit unions offer online banking, so you may want to set up those options. One should not plan to open an account at an Italian bank.

Many students find a Visa or MasterCard useful, as these are taken in many places of business (particularly Visa). In addition, there are numerous Automatic Teller Machines (ATMs, Bancomat) located throughout Rome and Europe, which generally take most standard ATM and debit cards. This method can be a useful way to obtain cash, especially when traveling. Students should check with their banks to ensure that their ATM cards are valid for international use. Also, make sure that you have a four digit numerical PIN number since many European ATMs can not handle letters in the PIN. It is also a good idea to inform your bank and credit card(s) holder(s) before departing the States so that they will not freeze your account once you use them here. Several students have had their accounts frozen by fraud-protection services at their banks. This causes often lengthy phone calls to straighten out the matter. Simply calling ahead and informing the bank of your move should prevent this inconvenience. It should also be noted that many credit cards are now charging fees for foreign transactions. Visa and MasterCard charge 1% for the currency conversion and then the bank issuing the card usually charges an additional 3-4% fee. You should check with your bank to see what fees they charge.

Housing accommodations are provided by the College throughout the year. However, the College is generally closed from mid-July to mid-August. As the College encourages students to travel about two weeks during the summer in addition to the usual Christmas and Easter breaks. In addition, most students take a week vacation at Christmas, a week at Easter, and occasional weekend trips. Travel in Europe is expensive and continues to increase in cost. A one-week trip outside of Italy usually ranges in cost from $500 - $1000 or more. In addition, an annual expenditure of several hundred dollars for books and personal expenses is average. Personal and travel expenses ultimately depend on financial means. Travel is an integral part of the experience at the North American College, so you should discuss these real expenses with your diocese. For the purpose of planning, you should know that travel is permitted on approximately 7 weekends through the year, 2 weeks at Christmas, and 1-2 weeks at Easter (depending on the house schedule in a given year). While travel costs vary widely, many have found that you can budget approximately $100 per day.

The College has set no financial norms for diocesan stipends, but $350.00 per month would be a suggested minimum amount. Be sure that you have discussed your financial needs fully with your diocesan officials so that you know with what expenses they will assist you, as well as how payments for such assistance are to be made. You should know what help will be provided for travel, books, and personal expenses. Should you receive a monthly stipend, it is a good idea to ask your diocese if they are willing to adjust your gross amount so that it matches the Euro. For example, if your stipend is $300.00 monthly and the Dollar to Euro rate is $.64, you would be receiving the equivalent of only €224.00. If your diocese is willing to recognize the difference in their disbursement and give you the overall amount in Euro, your check in U.S. funds would be about $410.00 – so that you receive the equivalent of 300 Euro.

Money Exchange

Money exchange services are offered for students through the College’s business office.

Student Loan Information

Any seminarian who will be applying for a loan guaranteed by State Agencies or insured by the Federal Government should apply for the loan before coming to Rome . If you are not sure whether you are eligible, you can apply online, using the free application forms at www.fafsa.ed.gov . This service should have everything you need to know, you may have to apply for a pin number, but this is very user-friendly.

Any loan deferment applications that need to be authorized should be forwarded to Sr. Susan Hooks, Assistant to the Vice Rector for Administration, at our College mailing address (see ‘Communications’), through e-mail at shooks@pnac.org , or by fax at 011-39-06-686-4095. Please note also that you can handle this once you arrive, however it is advisable that you at least bring the deferment forms with you should this matter need to be addressed immediately.

Our government OPE/ID # is: G09906

This will be listed under: North American College

You may also ask a local Council of the Knights of Columbus if they will assist you with student loans or you may wish to contact the Knights’ main office for student loans at the following address:

For further information or help, contact Sr. Susan Hooks.

Taxes

Students living in Italy are still obliged to pay federal income tax, therefore, one should make arrangements for this in advance. Check with an accountant, H & R Block representative, or the IRS for details. It is also a good idea to bring past tax and earnings statements in case a need should arise for their use. Canadian residents should make inquires with Revenue Canada and make arrangements for their tax return to be filed by a proxy in Canada, or plan to do their taxes from Rome.

Voting

Check the procedures in your state or province, county or region, and city for absentee ballots. The American, Australian and Canadian Embassies in Rome can be of assistance. You should consider applying for an absentee ballot shortly before leaving. Additional, many jurisdictions have a website which explains the absentee ballot procedures.