By hosting a foreign exchange student, you give yourself a chance to learn about a new culture and share your own culture with the student. You get to experience your world through the eyes of an individual who possesses an entirely different perspective, and you can earn from it as well. Let us know more detail about ‘How Much Can You Make Hosting A Foreign Exchange Student?’.
How Much Can You Make Hosting A Foreign Exchange Student?
Earning from hosting foreign exchange students depends on staying period, homestay company, and region of stay, It can make you anywhere from $30/day to $1400/month, and you can expect a stipend from $800-$1500 per month on the basis of the location, Amount of stipend also depends on the school student is attending.
Now let’s understand more about hosting foreign exchange students.
Why Should I Be A Host Family?
Various Reasons to be a foreign Exchange Student host
- Improve bonding at home, in society, and the whole world.
- Let’s you broaden your Horizons.
- Add up new experiences in your daily life and make it more exciting.
- Boost your ability to converse.
- Build and develop a better understanding of each other’s culture.
- Get mental satisfaction by doing a good Deed for your Family and Society at large.
Who all can be a host family?
Families hosting students can be from different and diverse backgrounds. They are comprised of various racial, economic, religious, and ethnic backgrounds. Some have accommodation in Cities or small towns while a few are in rural communities. They can also be either married, single, have kids, or even be single parents. Each and everyone above the age of 25 can host students.
Obligations To Be Fulfilled By Host Family For A Foreign Exchange Student
Remember that after becoming a host family, you are expected to provide certain services in compensation for the income that you receive. Do not be misguided into thinking that earning by hosting is an easy, extra source of income. While the services to be provided may vary from company to company that you are dealing with, some of the basic amenities for long–term students include:
- Minimum three meals in a day with some light snacks (Optional)
- A private bedroom or at least a bed, wardrobe, and cabinet space and, if possible, a desk or table so that the student can study properly.
- Provide or arrange means of transportation for students to and from their educational institute for academic activities
- Be emotionally available to the student and engage in conversations often.
Finding The Right Hosting Agency for Exchange Students?
After wanting to host a foreign exchange student and earn, the first step involves you finding an agency or a company to work with which could be quite difficult and would take some time to find the right company,
In the recent times, the international student exchange industry has grown exponentially and many agencies have emerged to find good hosting families so you would have many choices but unfortunately, many homestay companies don’t perform by the right means which causes problems and confusion for the hosting family which can also create an unsafe environment for the student or the host family themselves, keeping this in mind you shouldn’t make your decision only on the stipend factor but choose a reliable and experienced homestay company which have a good reputation it’s far better than few extra bucks.
How Long Do Foreign Exchange Students Stay?
A foreign exchange student may choose to reside in the host country for a medium to long-term duration, ranging anywhere from 6 months to a year depending on case to case; oftentimes students may also choose to reside for only one semester at a time. Students with study abroad programs or international students may even stay with the host for several years.
Conclusion:-
Finally, you would have gotten a pretty good idea about the earning possibilities by hosting a foreign exchange student after reading this article. Keep in mind that the stipend mentioned above is an estimated range and actual figures may vary depending upon various factors such as locality, duration, and facilities provided. Also hosting a foreign exchange student comes with some of its costs, which however can give you tax benefits.
Frequently Asked Questions: –
- Is the money earned from hosting foreign exchange students taxable?
Ans- As per US law, recipient families’ earnings over and above $600/year will be sent an IRS 1099-MISC form. The form identifies and calculates your net income by deducting expenses from gross revenue that are directly related to hosting and then taxing the balance amount. In the rare event that your expenses are greater than your income, you’ll not be taxed.
- Where are deductible expenses for homestay?
Ans- The expenses that can be deducted should be directly involved as the cost of being a homestay host. The IRS has rules that clarify these costs should be exclusive to the hosting and not include things you do in normal home life. Examples include food provided to exchange students or cameras, furniture, etc specifically for the purpose of hosting.
- Can you host more than one student at a time?
Ans- Yes you can most families prefer to host two students at a time because it is an even more rewarding experience for them but to do that first they have to take approval from both the students and their families.
- Can a single parent host a foreign exchange student?
Ans- If you want to become a host family for a foreign exchange student you don’t have to have kids of your own or a spouse or partner you can host either if you are single, married, or have no kids there is no such eligibility for this criteria if you meet all the hosting requirements and are happy to host an exchange student, therefore, you can host a foreign exchange student.
- Are the host family required to cover the medical expenses of the foreign exchange student they are hosting?
Ans- No, students studying under International exchange educational programs are covered by their own medical insurance so as to provide quality medical help immediately.
