If you have decided to study in the U.S., you must be able to show funds sufficient enough to pay for books, tuition and living expenses when applying to the universities there. Failure to show such funds will result in the application being rejected and you will be denied admission in the school of your choice.
Once a student is accepted in a university for enrolment, they are offered conditional admission where they must prove that they have enough financial support; a requirement applicable to all M-1 and F-1 students. A form known as Form I-20 explains the costs of living and tuition fees that a student must incur when studying in the concerned U.S. University.
However, for the form to be issued, he must provide sufficient evidence of funds to the concerned school official who ensures that all students and U.S. schools comply with the U.S. laws and regulations.
Demonstrating financial ability for applying to U.S. universities
Bank statements – Your bank statement should show sufficient or higher amount of money in it versus the total amount of money that you will need to survive in U.S. for an entire year. This will include your cost of tuition, books and living expenses; all calculated by the university itself. The bank statement should be sent to the university along with the financial affidavit in the application package. Bank statements are valid for just 6 months from its issue date.
Documentation from a sponsor – If you have a family member or relative who is living in the U.S. and is acting as a sponsor for you, the university will require an entire set of documentations from your sponsor to ensure that he will bear all your costs for studying in a specific U.S. university and that he himself has sufficient funds to do so in the first place. All universities have different set of requirements.
Financial aid – If you are receiving financial aid from an organization to study in U.S., the concerned university will again require you and the organization to submit relevant documents which can ascertain the fact that all your expenses and tuition fees will be paid thoroughly during your stay in the U.S.A. as an international student.
Scholarship letters – Many students who excel in academics, sports or are exceptionally creative are often given scholarships by their own government or U.S. colleges and universities. If this is the case, you will be required to attach the scholarship letter which has all the details in it and assures that the scholarship is true and correct.
It is important for students to know that though they can work on campus when studying in U.S., the employment is quite limited and one should not include the income as part of their funds for studying in the university. When it comes to evidence of financial support, student employment is not considered in the United States as there is no guarantee whether the student will continue to work once he is on the campus.
The Form I-20 from the university they will study in along with complete proof of financial support must be carried by a student when he visits the U.S. consulate or embassy for the visa interview. All the information is reviewed by the consular officer who ensures that the student has means to finance his studies and incur living costs in the U.S.