This information is for general orientation only and does not constitute legal, tax or medical advice. Always verify with the official sources cited.
Student Finance in Maryland
Open an account in Maryland
- Passport, I-20, US address, possible SSN or ITIN.
- Choose branch or neobank with branches in Maryland.
- Request a commission-free student/checking account; activate low balance alert.
- Connect apps for campus and rent payments (ACH, Zelle where available).
Banks present in the state
M&T, Truist, Bank of America— compare ATM fees, international wire transfers, and non-resident requirements.
Taxes: Federal + Maryland
- Income: Maximum rate approx5.75% (). Tax Foundation.
- Combined sales tax: about6%— add to the price indicated in stores.
- Pensions / Social Security (state): partially exempt.
- MERIC cost of living index:119.5 (US = 100).
Minimum wage and monthly budget
- Legal minimum:$15/hour.
- Tips (tipped):$3.63/hour — tip credit applicable
- Subway Rental (Baltimore): approximately $1950/month (sharing reduces cost).
- Campus insurance: often $1,500–3,500/year — see Health guide.
Transfers from Italy
- Wise, Revolut, Remitly— Compare rate and fee vs bank transfer.
- Wire SWIFT- Costly; maintains receipts for proof of funds.
- Cash— Customs declaration over $10,000; it is not the primary method for renting.
Property tax and students
Generally no for non-owner students; discounts for the elderly/disabled. As a tenant you don’t pay property tax directly, but it is included in the rent of many landlords.
Common mistakes
- Do not set aside federal taxes on CPT salary if required.
- Use only a home-country bank account for everything — foreign ATM and transfer fees add up fast.
- Underestimating sales tax and healthcare costs without a network.
Credit, paper and financial history
- Secured credit card to start credit history (useful after OPT if you stay).
- Do not sign as guarantor of friends without understanding legal responsibility.
- Zelle/Venmo scams: never pay rent without keys and contract.
Scholarships and funds from abroad
- Keep scholarship letters for visa and for any 1042-S.
- Some grants are taxable — ask at the payroll or tax clinic campus.
Sources
Minimum wage and rates may change — check official sources before signing annual budget.
Quick reference
Maryland: COL alto (indice 119.5). Tasse stato fino al 5.75%. Minimo 15 $.
Day-to-day taxes
Daily taxes
Each campus salary may have state withholding — retain W-2.
- Status: yes
- Sales: ~6%
How much does it weigh compared to other states
More expensive than the US average — always compare with campus offers and scholarships.
Banking and credit
Banks in state
Without credit history: secured card, punctual payments, avoid too many hard pulls.
SSN vs ITIN
SSN simplifies account opening; with ITIN only some banks limit products — ask the branch near campus.
Groceries and dining
Shopping and restaurants
Tips 15–20% in restaurants; often multicultural campus; Check local alcohol and noise regulations
- Expense: high
- Eat out: high
First-month checklist
First month
Ranked 36 of 50 for minimum wage
Ranked 6 of 50 for cost of living
State-specific data for Maryland: Finance
Data verified: 2026-03
| Top state income tax rate | 5.75% ⚠️ |
|---|---|
| Combined sales tax | 6% ⚠️ |
| SS / retirement taxation | partially exempt |
| Minimum wage | $15/hr ⚠️ |
| Tipped minimum wage | $3.63/hr ⚠️ |
| Cost of living index (MERIC) | 119.5 |
| Property tax circuit breaker (students) | Generalmente no per studenti non proprietari; agevolazioni per anziani/disabili |
| Major banks with branches | M&T, Truist, Bank of America |
Sources: Tax Foundation · Tax Foundation sales · MERIC · DOL
Official U.S. sources
Informational summary only—always read the latest official pages. Not legal, tax, or medical advice.
CFPB provides consumer tools and Q&A on accounts, credit, and loans. USA.gov explains how to report scams and bad practices.
Minimum wage and overtime: DOL topics. International taxpayer obligations and resources: IRS international taxpayers hub.