Studying in a foreign country is the dream of every student, however, financing urban study becomes a major issue for students. Therefore one of the most crucial requirements for obtaining a US student visa is showcasing the availability of enough financial resources to support the stay and education expenses in the US. Although there is no fixed amount of minimum balance requirement for US student visas, having a minimum balance of 10000$ or 831412 INR is considered ideal. This blog will explain the financial requirements for obtaining a US student Visa. We will gain information regarding the minimum bank balance for international students to get a US student Visa.
During the application process for a US student Visa, the candidates need to submit proof of funds along with the US student Visa application for the total duration of study in I-20. The I-20 form is considered as the proof of finances that needs to be submitted along with the visa application form. Generally, the tuition fees and living expenses for 12 months are considered by the schools. In case the I-20 Form states that the course will require 24 months the students have to show the availability of finances for supporting 24 months of study and living expenses. In simple words, it can be said that, if the I-20 form shows that $25000 will required for tuition fees and living expenses for 1st term, then the candidate will be required to have $50000 to complete the course. For a two-year course, the anointing gets doubled. Also, there are courses in which the I-20 form states 36 nights in that case the student should have 1.5 times the money mentioned in the I-20 form or a main mum of $10000 to be considered for an F1 Visa. Also, the US embassies and universities only considered available cash as a financial document. However, in case the students are not able to show liquid cash they can present a Loan letter, Sponsor, and Solvency from the bank to confirm your eligibility to avail of a loan in case required.
Many different types of education sponsors can provide financial assistance for studying in the US. Some of the most common sponsors are family, friends, grants and scholarships, private organizations, government-granted sponsorship programs, and employer-sponsored programs.
Parents: The parents are generally considered as the primary sponsors for the studies.
Relatives: Blood relatives such as grandparents, aunts, uncles, and cousins from both maternal and prefrontal slides can also provide financial sponsorship.
Grants and scholarships: Grants and scholarships are also considered as sponsors for supporting studies abroad. Many schools and educational institutions provide grades and scholarships to students with excellent academic backgrounds, leadership skills, and financial needs.
Government-sponsored programs: Students unable to meet the living expenses and tuition fees can look for government-sponsored programs. These programs generally provide financial support, housing, and other facilities wanting to study in their country.
Private foundations and organizations: Private organizations and foundations also provide sponsorship programs to international students. These private organizations may have very specific eligibility criteria such as academic excellence, community, or leadership skills.
Employer-sponsored programs: Many employers provide sponsorship for pursuing higher education for their employees.
Sponsor Letter: A sponsor letter is not the presence of liquid funds in the bank account of the candidate but rather a bank certificate claiming the availability of the sponsor to raise funds for the higher education of the candidate when required. The sponsor letter is based on the history and the assets that can be mortgaged to receive the loan.
Loan letter: A loan letter or sanction letter is generally received after the I-20 letter. However, some private letters provide loan letters before getting the I=20 form based on the admission letter of the student.
To showcase financial capability, the candidate needs to submit certain financial documents for the I-20 Visa. The US embassies and universities only accept liquid cash as financial proof for the I-0. The following documents are considered as financial documents.