Studying abroad in the United States is the dream of many international students. However, one of the students’ biggest concerns is proving they have sufficient bank balance for US Student Visa. While the exact minimum bank balance for US Student Visa is not defined, the immigration authorities expect students to demonstrate access to adequate funds to cover tuition fees and living expenses for at least one year of study. This financial documentation is crucial as it helps establish the student’s intent to only pursue education and return home after completing their programme. With the rising costs of higher education, not knowing the ideal amount to declare in bank statements can jeopardise visa applications.
In this article, let us address everything you must know about the suitable bank balance for US Student Visa that international students must have and discuss other financial documents accepted when applying for a highly sought-after US student visa.
When Do You Not Have To Prove Your Finances?
There are certain exceptions where a student may not need to provide exhaustive documentation of their bank balance for US student visa. This includes the following cases –
- if the student is being fully funded through a scholarship or assistantship programme from a recognised organisation like their government or the US university they have been admitted to. In such cases, the sponsoring organisation can provide an official financial guarantee letter stating they will cover all of the student’s tuition and living expenses.
- if the student has recently graduated from a US high school and is pursuing an undergraduate degree. Being a recent graduate may exempt them from having to show the same level of detailed financial documentation as other international students.
However, the visa officer may still ask for basic bank statements or letters of support from parents/family.
Studying In USA – Funding Proof Requirements
In addition to the funding sources mentioned earlier, further criteria need to be met depending on the type of funding provided by students to the university. These additional requirements are necessary for the financial documentation assessment conducted by the US Immigration Department to approve F-1 study visas for international students.
| Acceptable by OISS | Requirements |
| Type of Funding | Recently issuedTranslated into English by an official (if in a language other than English)No life insurance, property papers, or other funds that are not liquid are acceptable |
| Personal Funding Sources | Have the student’s name as the financial account holder.Should show the account balance in the amount of funding that has been indicated for.The submitted account statement shouldn’t be more than 90 days oldThe account statement should be duly signed or stamped by the financial institution |
| Sponsored Funds | Should have the sponsor’s name as the financial account holderHave an account balance in the amount of funding that has been indicated for or even moreThe account statement should not be older than 90 days.The account statement must be signed or stamped by the financial institution |
| Government Or Sponsoring Agencies | Must display the name of the sponsoring agencyShould show that the awarded funds will be available for the applicant’s first yearThe award funding amount must be indicatedAlso, show that the funds were awarded to the applicant in question |
| University-Specific Funding | Must show that the awarded funds will be available to the awardee for the first year of education at the universityShould indicate the type of support, such as:Teaching assistantshipResearch assistantshipFellowship or,Other |
Processing Time Of US Visa For Students
Who Can Sponsor Education Abroad?
Parents are considered the most reliable sponsors for your student visa for USA. You can also provide financial support documents from grandparents, siblings or other close relatives. In some cases, universities may also provide partial sponsorship. It is also possible to have multiple sponsors jointly funding your education. This could include parents contributing some amount while the remaining amount is financed through an education loan.
List Of Financial Documents For I-20 Visa
Several key financial documents are required to be submitted along with your I-20 visa application to prove you have sufficient funds for your studies in the US. This includes submitting –
- Bank statements from the past 6-9 months show the minimum required balance of $10,000.
- Bank letter certifying your account balance and transaction history.
- Salary slips and tax returns of your sponsors for the last three years.
- Passport copies of your sponsors if they are financing your education.
- Provident fund statements and certificates if using PF funds to prove finances.
- Real estate or property documents if using property valuation as collateral for an education loan.
- Sanction letters from banks if opting for an education loan prior to receiving the I-20.
Ensuring you submit all the required financial documents makes your I-20 visa application strong. It also helps demonstrate your ability to finance your stay in the US.
FAQs
Does the embassy check bank statements?
Yes, the bank statements are one of the most important documents required for obtaining an F-1 visa. The US Embassy thoroughly checks the bank statements submitted as proof of funds. This is done to ensure the applicant meets the financial requirements.
Is the I-20 amount enough for a visa?
No, just the I-20 amount is not sufficient. In addition to showing funds to cover the I-20 estimated expenses, the applicant must also demonstrate proof of additional funds in their bank statements/accounts.
Is a bank balance required for US student visa?
Yes, maintaining an adequate bank balance is crucial to obtaining the F-1 visa. The applicant must show sufficient balance in their bank account to prove they are able to afford study and living expenses.
Is a bank statement required for an F-1 visa?
Yes, submitting current bank statements is mandatory among the list of required financial documents for a US student (F-1) visa application. Bank statements are the primary way for the embassy to verify an applicant’s claim of being able to manage expenses.
How many months of bank statement is needed for US visa?
Mostly, 3-9 months of bank statements are required to be submitted along with the visa application. This allows the visa officer to look at an extended financial history/standing of the applicant and their sponsors.
How Much Bank Balance is Required to for US Student Visa?
There is no fixed minimum amount. However, maintaining $10,000 or INR 833,120 as a minimum account balance for US visa is highly recommended. This amount should also be visible in the bank statements of the last 6-9 months.
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I have done Bachelor’s in Culinary Arts from India and completed my graduation in the year 2022 .I am 22 years old. After graduation, I have done 1 year paid internship from USA .Now, I would like to take occupational experience and learn culinary skills and also do masters in Culinary arts.How can I find the college n best course / country where I can persue studying further