Is studying in the United States your dream? If yes, you need these five financial documents before starting the application process. Pursuing higher education in the United States is a costly affair that entails a major financial commitment. You must prove your economic readiness to ensure a hassle-free education in the U.S.
Many students seek loans or rely on their parents for assistance; either way, these documents are necessary to be eligible to study in the U.S. Here's a breakdown of the five essential proofs universities need before issuing your I-20 form, a document that holds the key to your education in the United States.
1. Bank Statements are a must. They will demonstrate whether the students or their sponsors have enough money to cover the tuition fee and living expenses in the U.S. Students can submit their own or their parents' bank statements to continue the application process.
There is no legally prescribed minimum bank balance for students (or their parents). However, applicants should maintain at least USD 10,000 (around INR 8,33,120) in their bank accounts. This amount should be reflected in the bank statements from the past 6–9 months.
2. Fixed Deposits (FDs): Some universities also accept Fixed Deposit certificates as proof of funds. However, it is mandatory to ensure these deposits are liquid so they can be withdrawn when needed. You can proceed if no long-term restrictions are preventing the withdrawal.
3. Affidavit of Support: If a student is to receive assistance from a parent, close relative, or sponsor, an affidavit of support is necessary. The affidavit serves as proof to confirm the intent and economic capability of the sponsor.
4. Scholarship Letters: Several students receive scholarships or financial aid to support their higher education. This scholarship letter can be used as proof of funds, too. The letter should clearly specify the amount granted for a complete understanding of the available financial support.
5. Loan Approval Documents: Thousands of students apply for loans to pursue their higher education in the U.S. Those who received the approval can submit their documents as evidence of funds.
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