It is one dream that every student in the world has: studying in the United States. But one of the most bothering questions is understanding how much money one needs to have in the bank for a US student visa application.
In this blog, we will take you through the details regarding bank balance requirements, verification of funding, acceptable sources of funding, maximising scholarships, sponsorship options, and financial documents required for the I-20 visa.
If you are overwhelmed with the procedure, then do not panic. You can connect with our counsellors at Abroademy who will simplify the journey by providing free consultation, profile analysis, university shortlisting, and assisting in applying to universities. It will also help in securing scholarships.
Funds Required in the Bank Account
When you apply for your US student visa, F-1 visa, you will be required to prove that you can finance yourself for studies and living expenses in the US. This proof of financial capability is required so as to ensure both the university and US immigration authorities that you can support yourself while studying.
In general, your financial resources need to cover:
- Tuition Fees: This varies by institution, but it ranges from $20,000 to $60,000 annually for undergraduate programs and is higher for postgraduate programs.
- Living Expenses: Approximately $10,000 to $20,000 annually, depending on the location.
- Miscellaneous Costs: Books, health insurance, and transportation costs come to an additional $2,000 to $5,000 annually.
Annual Cost and Funding Verification
Before universities can issue the I-20 form, which you will need in order to apply for an F-1 visa, they need to have proof that you can cover the annual cost of attendance. This cost includes tuition fees, cost of living, and sundries.
Fund verification documentations usually include:
- Bank statements showing cover for at least the first year of study.
- Letter of scholarship or grant awarding, if any.
- Proof of financial support from sponsors, if any.
- Affidavit of support in case of sponsors, if any.
Acceptable Sources of Funding
While the US visa authorities consider a few sources of funding, verifiability and legitimacy are prime factors. The common, acceptable sources include the following:
| Source | Description |
| Savings Accounts | Your personal or family savings are one of the most direct routes. |
| Fixed Deposits | Funds in fixed deposits are acceptable if they can be liquidated prior to your visa interview. |
| Scholarships | Merit-based or need-based scholarships reduce the student’s financial burden by as much as possible. |
| Educational Loans | Loans taken from recognized banks or financial institutions are accepted as a source of finance. |
| Sponsorships | Your relatives or sponsors outside can provide an assurance in writing about the finances required for your education. |
Abroademy helps students seek scholarships to bring down the tuition cost and thereby reduce some of the financial stress involved with studying abroad.
Maximising Your Scholarship Potential
Scholarships are a lifeline for many international students, especially when studying in the US, since tuition fees can be very high. In order to maximise your scholarship potential, follow these:
Who Can Sponsor My Education Abroad?
Following are the people who can sponsor your education abroad:
- Parents or Guardians: The most common of sponsors, the fund provided by them either from their savings or investments.
- Relatives: Your extended family, especially uncles or aunts, also can sponsor your education.
- Employers: Sometimes, your employer covers educational sponsorships if your studies are related to their business interests.
- External Sponsors: Non-profit organizations or trusts sometimes cover sponsorship for meritorious students.
- Sponsorship documents should contain a statement of financial support, proof of the financial capability of the sponsor, such as income tax returns, and proof of relationship with the student.
Financial Documents List for I-20 Visa
To obtain the I-20 form from your university, you’ll need to submit several financial documents, including:
- Bank Statements: These should demonstrate the required balance for at least one academic year. But, you have to make sure that your bank balance certificate from the bank is on the letterhead which is duly signed and stamped by the bank manager.
- Affidavit of Financial Support: A notarized document from your sponsor, confirming that they commit to financing your education.
- Loan Sanction Letters: When self-financing through an educational loan, an official loan sanction letter will be required from the bank. PS: Any confirmation on the mails regarding loan approval, is not accepted.
- Scholarship Letter: Proof of scholarship or grant awarded. Make sure when you attach your financial documents, in case you’re awarded with a certain amount or percentage of scholarship, don’t forget to attach the award document.
- Proof of Income of Sponsor: Evidence can include pay stubs, income tax returns, business statements of accounts. Yes, you read it right, if you’ve someone outside your family paying for your education, in case of job, you’ll need their salary slips and ITR’s and in case of business, you’ll need their ITR (income tax returns) and business documents.
- Fixed Deposit Receipts or Other Investments: Applicant needs to attach the proof of liquid investments.
Why Abroademy?
Financial and application aspects related to studying in the US may be quite burdensome. This is where Abroademy comes in, helping in the realization of the dreams for the students with no need to worry about high consultation fees.
- Free Profile Analysis: Abroademy checks your academic and personal profile to recommend the best-fit universities.
- University Shortlisting: With consideration for your preference and capability to pay tuition fees, Abroademy recommends the institutions where you are most likely to get admitted.
- Documentation: From verifying your financial documents to meeting the standards of the university, Abroademy has got you covered.
- Application Fee Waivers: While most universities charge $100 or more per application, Abroademy waves off those fees, saving you hundreds of dollars.
- Scholarship Guidance: With tuition going up and economic uncertainties such as recessions, Abroademy actively helps students in securing scholarships to ease their financial burdens.
- Admission Support: They also follow up with the universities and take you right through admission-all free of cost to the student.
Conclusion
Having sufficient funds for a US student visa is one important step toward pursuing your academic goals. Knowing the requirements, searching for funding opportunities, and optimizing scholarships are ways to make it possible for studying in the US.
Abroademy is an end-to-end solution for students willing to go abroad for studies. Free services, apart from the waiver of application fees and also helping with scholarships, enable their students to focus solely on academics rather than burden them with financial stressors.
So,start planning now and take a confident leap toward making your dream of studying in the US come true!