Updated on Apr 30, 2021
Knowing the expenses for abroad education and how to handle it with a proper pre-planning is a must. After all, you are going to travel all the way to the US, wouldn’t you want to be sure about your finances? The visa officers consider finances as one of the most important factors for issuing an F1 visa. There are certain questions that need to be answered when finances are considered. So, stay tuned because there are certain answers that will be an eye-opener.
Why do finances need to be shown in the visa interview?
When you have your admits and select a particular college to attend, you need to sort your finances out to see how can you survive the financial pressure that you will be exposed to. The visa officer asks you for your finances so that:
How much funds need to be shown in the visa interview?
The funds that need to be shown is very much dependent on the program that you are going for. When you justify your eligibility for studying in a particular university, there’s an amount that you need to show to the university officials and when proven an i-20 is generated. Any amount equal to or exceeding the i-20 amount shown is fine, which covers the living and tuition fee for the first year of schooling. However, proving the funds in the right way holds the key to your F1 visa.
What sort of funds are preferred in the visa interview?
There can be many ways to prove that you are eligible to stay in the United States while you are studying your course. The United States Visa Officer makes sure that you have funds that can be liquidated easily if required, and hence they prefer funds that are easily convertible to liquid funds in order to bear the expenses that would occur. Some of the finances that can be shown are:
The bank statement of your account or your sponsor’s bank statement coupled with the “Affidavit of Support” can provide concrete evidence of you covering your expenses in the US.
Provident Funds are the funds that are stored in an account by an employer and is provided to the employee as a lump sum after the tenure of their work comes to an end.
A fixed deposit is an account from which you can’t take out money on a regular basis and have to break the whole FD if you want to get the fund in it. It provides a higher interest rate to the investors than the savings account. This type of fund can be shown because the deposit can be liquidated into cash easily and the value is going to be constant throughout.
If you have attained any scholarship of some sort by the university itself or the government of your own home country, that can be shown as a financial proof that will reduce your amount that needs to be shown in the visa interview and sometimes waive off your whole tuition fee.
The most preferred mode of showing proof of funds these days by students is in the form of a loan sanction letter. After taking a loan from any known national or international lender they give a loan sanction letter which can be shown to get your i-20 form and to clear the visa interview as well. Yocket loan service is a dedicated service especially for education loans and which can be opted by you for free of cost.
What funds are not preferred?
The United States doesn’t prefer some types of funds which include:
Stocks are very unbalanced and one day it might increase or decrease depending on the market. This essentially means that you are dependent on a very unbalanced source of funds. For instance: One day you might have $45,000 in stocks and the other day it might go down and you are left will a lesser amount than you were with yesterday.
Real estate property is tough to be converted into liquid cash, and that makes it one of the most non-preferred proofs of funds.
Solvency letter is again just a dependency letter that either the student or their sponsor is earning that amount of money and hence the student can pay off the fee and afford the living expenses too.
Gold, cars or any property that you own which has a high value might also not be preferred because the market for it is not fixed and has a floating value. Meaning the gold that you own today might be of high value but due to some reason the market value of it might fall and is also hard these assets are hard to liquidate into money.
What if the funds you have, aren’t enough?
If the required funds aren’t sufficient, the Visa Officer would reject your visa and there would be a statement given in which a section is stated, which has reasons as to why your visa might have been rejected. The Visa Officer would then pass you a slip and would ask you to reappear for the visa interview. You can only apply for another visa interview after 13 days of your previous unsuccessful visa interview. But, a point to be noted here is it becomes very hard to get a slot for a visa interview during the peak season because there would be many students applying for the same.
Even if this happens, don’t lose hope and prepare better the next time you are giving the interview with your errors rectified and find a solution to your reason for rejection.
All in all, if you have read this article and do the tasks by sorting your finances accordingly you can be rest assured that you will rock your interview and will be flying to the United States soon. If you have already got through this, Congratulations! And if you are going to appear for the visa interview soon, good luck with that and we’re sure you will be passing that with flying colors. Be precise with your work because you have come this far, you are just a few steps away from your dreams coming true.
STUDY ABROAD GUIDE