Financial Documents needed to get International study visa | Study in USA

Prodigy Finance (Pritish Nair)
Updated on 13 June, 2020




Plan 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 United States 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.

Proving you deserve an international study visa

A study visa is a privilege, not a right. Just because you got into an American university, 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.

More than anything, you’ll need to demonstrate that you have:

  1. every intention of returning to your home country (or at least leaving the country of study) after graduation, and
  2. enough money to support yourself during your time abroad.

Failure to demonstrate either of these will result in failure to secure your visa.

So, even if you’re hoping to secure a job in the United States (or any other country of study), you shouldn’t convey that intention in your visa application or interview. Instead, you’ll want to ensure you provide statements and documents that indicate strong ties to your home country. It may be as simple as stating your post-grad career plans (in your home country) during an interview or showing your interests in a family business or property. There isn’t a single document that fulfils these objectives; immigration officials allow for personal variation. But, you should never mention any wishes you have to remain in the country of study after graduation.

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. Here’s what you’ll need to have before scheduling a visa appointment at the closest embassy or consulate.

The financial documents you will need for an F-1 visa to the United States

  1. Proof of scholarships and grants

  2. Personal financial statements

  3. Statements of support 

  4. Prodigy Finance loan letter

  5. I-20 form from your university

 

Lets discuss all the financial documents for student visa:

  • 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

You’ll need a variety of records that demonstrate your financial capacity and responsibility. 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 papers include:

  1. Original tax returns for the past three years.
  2. Bank statements for three years.
  3. Letters of employment, employment contract, or payslips.
  4. In the case of self-employment, notarised statements from chartered accounts should supplement bank statements and tax returns. 

  • Statements of support 

If you have a financial sponsor in the United States, 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.

  • Prodigy Finance loan letter

This is that all-important sanction letter. Keep in mind that American 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. However, the Prodigy Finance loan letter explicitly meets immigration expectations and can be supported by your Prodigy Finance loan agreement.

  • I-20 form from your university

This is, perhaps, the most important document 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.

Every university has its own I-20 issuance process – and you should check with the international office if you do not receive explicit directions along with your acceptance letter. 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.

(Yes, you will need to present these to immigration officials as part of your visa application as well as providing them to the university; multiple original copies are a necessity.)

You must show that you have liquid assets that meet or exceed the cost of attendance for the first year. And, if you’re attending a two-year programme, you’ll need to show you have funds for that too. Second years funds can be non-liquid, such as stocks or bonds. But, schools will not necessarily allocate these at face value; you must check the specifics with the university. Prodigy Finance’s provisional second-year loan offer suffices for second year funding allocation.

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.

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 United States – 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, recent events like the election of President Trump in the United States means that every visa is will take time – and may need to be re-justified at the point of entry.

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fiancialdocuments   international   studentvisa  



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Prodigy Finance (Pritish Nair)

Prodigy Finance provides borderless postgraduate student loans to international students to attend a top school.

Published in:
 I-20 and VISA

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