Updated on Oct 27, 2021
A lot of us dream to study abroad but when the question of financing arrives several students have to take a step backward. Most of the time this happens due to not knowing the right way of displaying the funds. A lot of students also hear scary stories of showing more than Rs 50 Lakhs in an account for 6 months. Some are unaware that funds can be shown from 2-3 sponsors together. A lot of confusion prevails in this area and several fall prey to it and skip their dream to go to the USA. So let us have a few basic fundamentals cleared here. If you want some finance advising and help with regards to getting an education loan, our expert loan advisors would assist you with all the informative details and which one to go to based on your profile.
Get all your doubts related to student visa application cleared, such as:
You have to show one-year funds for whatever duration course you are going to. One year Tuition fees + One year Living Cost. This cost is typically mentioned on your I20. Before I20 you would have it on the college website.
Several Entities can be your sponsor. So let us see all possible options:
Note: It is always preferred to have your sponsors from India and not the USA. If overseas but not in the USA it is still ok.
US universities and embassy accept only liquid cash. You need to show these funds twice.
However, if we do not have liquid cash in the above formats we can choose a Solvency letter. A solvency letter is one of the options, which we can use to show funds and get our I20 released. This option is suitable for people who look forward to arranging a loan at the later stage.
4. How to get a student visa for the USA?
5. What are the best answers for an F1 visa interview?
A letter from the bank stating your sponsorer is capable enough to raise funds of approx Rs 25 - 30 lakhs for your higher education. This is a not actual fund in your account it is like a capability certificate a bank provides looking at your history and assets which you would mortgage to acquire a loan. Note 90% of the times solvency letter work but there have been certain cases wherein the university rejects this letter and in this situation, we have no other way but show liquid cash in the above formats.
Sanction letter is typically received post-receiving I20 by all national and public banks. Only private banks provide loan letters before I20 on the basis of the student's admission letter. So in case if you have received the loan letter prior to I20 you may use that also to show funds to the university.
So after showing the necessary financial documents university releases the I20 and we can now proceed for Visa. We should certainly maintain what we showed in the I20 as they have records. But not necessary to hold the money for so long in the account. You may have your transactions but when the student goes for a visa interview you may again have the necessary balance and may also add a Loan letter in addition which you received post I20 in hand.
A lot of permutation combination is possible apart from this. So you need to find out as each case is very subjective and hence different solutions are provided.
Visa interviews are the final hurdle before you can begin to leave for your studies abroad. Often we find that students are not prepared or do not know what to expect when going to a visa interview. At EDUCATION STREET I run complete visa counseling. We assist you and your parents both. Funds and all other documents are checked and placed in the visa file. We run Mock interviews for you to get a feel of the D-day. So once you join EDUCATION STREET you can rest assured.
Follow these steps and you should ace your visa interview. Good Luck!
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If you have any further doubts and need clarification on a crucial decision about USA education and Visas you may write to me at: firstname.lastname@example.org. I am an overseas education counselor and Educator. You may find more about us on www.educationstreet.in or FB page: https://www.facebook.com/educationstreet/
Note: This article is not curated by Yocket Editorial Team. It is sponsored content.
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