Planning to study overseas? You’re going to need a study visa. That’s right! Even if you have a fancy stamp in your passport that allows you to enter the US multiple times over a ten-year period, you won’t be able to use that to pursue your graduate-level education.If you’ve used that visa in the past and swiftly returned home, you’ve probably given yourself a few bonus points, but there’s still a lot to do before packing your bags and heading off to the airport.
Out of all the student visa requirements, the financial documents for US student visa form the backbone of the entire visa process. So, keep reading, as this blog will bring to you all the relevant information on the US student visa financial requirements, and a lot more!
Table of Contents
What is Proof of Funds?
A study visa is a privilege, not a right. Just because you got into one of the top US universities, it doesn’t mean you’ll receive legal permission to study at those institutions. You’ll need to prove to the relevant immigration officers that you deserve the privilege. A proof of funds will help you demonstrate that you have enough money to support yourself during your time abroad, thereby indicating strong ties to your home country.
What is the Minimum Fund Requirement?
When showing the bank statement for US student visa, you need to show a minimum fund requirement of one year tuition fees along with one year living cost for international students in the USA.
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Financial Documents Required for US Student Visa
Given the lack of documents demonstrating intention to return home, it’s actually much easier to prove you have enough money to support yourself during your time abroad, through financial documents for US student visa. Given below is the list of all the financial documents required for US student visa:
- Proof of scholarships and grants
- Personal financial statements and bank statement for US student visa
- Specific amount of bank balance required for US student visa
- Statements of support
- Loan letter (if applicable)
- I-20 form from your university
Let us understand the major financial documents for US student visa briefly below:
Proof of Scholarships and Grants
If you receive scholarships or grants from your university (need-based or otherwise), these amounts will be reflected in section 7 of your I-20 form. That certainly makes it easy to underscore this funding. Similar money that comes from other sources requires a confirmation letter from the source of the funds.
Personal Financial Statements and Bank Statement for US Student Visa
You’ll need a variety of records that demonstrate your financial capacity and responsibility, in the form of a bank statement for US F1 visa. If you’ve been supporting yourself for more than three years, your own documents will suffice; otherwise, you will also need the documents of your parents or guardians. These financial documents for US student visa include:
- Original tax returns for the past three years
- Bank statements for three years
- Letters of employment, employment contract, or payslips
- In the case of self-employment, notarised statements from chartered accounts should supplement bank statements and tax returns
Suggested: Bank Balance Required for US Student Visa
Statements of Support
If you have a financial sponsor in the US, you will also need a notarised I-134 form and three years worth of financial statements and tax returns for that person. If a local family member or friend is supporting you, your university will provide you with forms that serve as financial declarations of support. And, you will need to provide the stated tax returns and bank statements.
A Loan Letter
Keep in mind that US universities use the term loan confirmation letter rather than sanction letter, but they mean the same thing. If you’ve opted for a local bank loan or your university has been able to provide you with access to an American educational loan, you would substitute a similar document from that institution. A loan letter is one of the most important US F1 visa financial requirements.
Suggested: How to Get Your F1 US Student Visa?
This is, perhaps, the most important document pertaining to US student visa financial requirements you will receive from your university. Section 7 on this form outlines what the school believes you need to support yourself (and any dependents) financially during your studies and how you plan to meet those obligations.
- You must show that you have liquid assets that meet or exceed the cost of attendance for the first year, as it is included in the minimum bank balance for US student visa. And, if you’re attending a two-year programme, you’ll need to show you have funds for that too. Second year funds can be non-liquid, such as stocks or bonds.
- Your university will process the relevant documents and send you a copy of your I-20 through a courier or registered post. And, you shouldn’t make a visa appointment at the embassy until you have this form in hand. However, once you have your I-20, you should begin the visa process as soon as possible.
Every university has its own I-20 issuance process, and thereby states the minimum bank balance for US student visa specifically.Generally speaking, however, you will need to send original documentation, such as sanction letters, for all loans (including family loans or other private sponsorship), as well as personal savings, and scholarships or grants. You will also need to provide a photocopy of your passport identification pages.
Suggested: US Airport Immigration Process
It’s also worth remembering that your I-20 form should be treated like gold. You will need to show it when you enter the US – every single time for the duration of your studies. Indeed, you may want to travel with a dossier of all of these documents. Immigration is a hot topic across the globe and even though there are only potential shifts on the cards at the moment, you should be aware of the processing time. You can even contact our Yocket Counsellors for further information on US student visa funds requirements.