F-1 Student Visa Proof of Funds
July 15th, 2021 by IEFA
Once you’ve narrowed down your choice of schools and confirmed admissions, the next step is to apply for an F-1 international student visa to get authorization to study in the US.
All prospective foreign students are required to demonstrate that they have the financial capability to support him or herself while studying in the US. This includes covering tuition and fees, living expenses, and any dependents – without working during your studies.
Proof of Funds
To meet the Proof of Funds requirement for your F-1 visa, you will either need to present proof of funds for yourself or do so through a sponsorship (such as a relative financially backing or funding your education). It is important that you check directly with the consulate as this may vary by country and agency, but here are some general considerations and documents you should bring during your visit.
Proof of liquid assets
The consulate will want to see that you are able to cover the cost of your education and living expenses. While there are generally no specific documents that prove this, there are some commonly used documents that help support proof of funds including:
- Original tax returns from the last three years (Form 16)
- Three years of bank records and/or fixed deposit statements of your sponsor (which can also be your parent)
- Pay slips, employment letters
- Chartered accountant statements
- Scholarships (which should be indicated on your I-20)
- Property documents
The US government is concerned more with liquid assets such as savings accounts and checking accounts since they want to ensure that you have easy access to these funds. Investments with fluctuating values and property deeds are not generally recommended as acceptable proof of funds. The embassy is looking to see that you have immediate funds to cover the first-year costs of your education and that you’ll have access to funds for the following years needed to complete your degree.
Original Documents in English
Additionally, it is important that all of your documents are original, in English (or an official translation attached), and official. Your bank statement and documents should be on bank letterhead with the name of the account holder, account number, and the total amount of funds indicated on the forms.
Sponsorship
If you are planning to study in the US but do not have sufficient personal funds yourself, you can have a sponsor support you instead. Many international students have a sponsor, such as a family member, to help cover their educational expenses. Sponsors can be located inside or outside the US.
There are a lot of available scholarships that are designed specifically for international students. You can search for the latest listings of international scholarships.
All you have to do is to make sure that you are eligible for the scholarship. Some of the requirements are having the right positive attitude in school and towards one’s future career, the willingness to excel in his or her academics, and many more.
Affidavit of Support Form
If the student is sponsored by a US citizen, they would need to complete and submit the I-134 Affidavit of Support Form that requires the sponsor to cover any expenses that the student cannot afford.
If the student is sponsored with funds outside the US, then the embassy would check to see if there are any fund transfer restrictions from the specified country. If there are any restrictions, the student must be equipped with a letter of evidence that the student will be able to access these funds during the period of study.
Consulate and Embassy
The final determination of sufficient proof of funds is determined by the consulate or embassy. Even if you provide these documents they can still deny the student visa. Be sure to check with your school and consulate to make sure you have all the proper documentation and forms necessary when arriving for your F-1 student visa interview.
Also make sure that you are prepared to answer all of the questions in the interview in the best way possible. Be eloquent, explain things clearly and in a straightforward manner, and always be at your best form. Doing these and matching it with your complete documents and visa application gives you a higher chance of being accepted for an F- Visa.
*Please note: you should always confirm he latest requirements with official sources as they can change and this article may not reflect the latest changes.
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Can your family friend sponsor you
Hi Azuh,
While anyone can sponsor your education on an F-1 visa, having a parent or close family member finance it can increase the likelihood of approval from the visa officer.
Hi,
I’m prerana and I’m planning on applying for the DS-160 for my F1 visa. I have a few queries about the form and I’m hoping that you could help me out
1. Person/entity sponsoring this trip:
I have funds in multiple accounts, and the majority of the funds is under my name. So does that mean, I need to select Self? If yes, how do I show the rest of my funds?
2. Under education details, do I need to submit only my undergraduate degree details or do I need to show my 12th and 10th grade details as well?
Thank you in advance for your input
Regards,
Prerana Nagendra
Hi Prerana, happy to help! Regarding the first question, if the majority of the funds are under your name, you can select self as the person/entity sponsoring your trip. However, you can also list the other accounts under “Other” and specify the account holder’s name. For the second question, you only need to submit your undergraduate degree details. However, if your program requires a prerequisite degree, then you may need to provide details of that degree as well. Hope this helps!
Kind Regards,
The IEFA Team
Can I use my sponsor’s business account for visa application, he is my brother however the account isn’t personal rather his business account?
Hi Eric.
It’s important to note that visa requirements can vary depending on your country of origin and the specific visa category you are applying for and therefore we can’t provide personalized advice. It’s always a good idea to check with the U.S. embassy or consulate in your country for specific information on visa requirements and application procedures.
Good luck with your studies!
The IEFA Team
If your sponsor gave you an account from lets say X Bank to get the I-20, can you use an account from Y bank? With the sponsor being the same.
Hi Daniel,
it’s important to note that visa requirements can vary depending on your country of origin and the specific visa category you are applying for and therefore we can’t provide personalized advice. It’s always a good idea to check with the U.S. embassy or consulate in your country for specific information on visa requirements and application procedures.
Good luck with your studies!
The IEFA Team
Hi, so I have a fixed deposit that was transferred to my name by my parents and this is my source of funds. Should I select the “SELF” option or another option?
Hi there.
If the fixed deposit that you received was transferred to your name by your parents and this is your sole source of funds, then you should select the “SELF” option when indicating the source of funds.
Even though the funds were originally from your parents, they have now been transferred to you and are considered your personal funds. As such, you should indicate that the source of funds is yourself.
It’s always a good idea to be truthful and accurate when providing information about your source of funds, as this can help avoid any misunderstandings or complications in the visa application process. If you have any doubts or concerns about how to accurately indicate your source of funds, it may be helpful to consult with a visa specialist or immigration lawyer for guidance.
*It’s important to note that visa requirements can vary depending on your country of origin and the specific visa category you are applying for and therefore we can’t provide accurate personalized advice. It’s always a good idea to check with the U.S. embassy or consulate in your country for specific information on visa requirements and application procedures.
Good luck with your studies in the USA!
The IEFA Team
Please i have received a funded graduate position to study in the USA. Do i still need to provide bank statement for my visa application?? And what documents do i need to submit
Hi Bruce,
Congratulations on receiving a funded graduate position to study in the USA!
Regarding your question, it’s important to note that visa requirements can vary depending on your country of origin and the specific visa category you are applying for and therefore we can’t provide personalized advice. It’s always a good idea to check with the U.S. embassy or consulate in your country for specific information on visa requirements and application procedures.
Good luck with your studies in the USA!
The IEFA Team
Hi I have a question that I received my I-20 form and signed by myself. Is it necessary to sign by parents of guardian even I made it self-support for my studies?
Hello!
While I’m happy to help answer any general questions you may have, I’m sorry to say that we cannot offer personalized advice regarding your specific situation. It’s best to reach out to your school’s international student office or an immigration attorney for guidance on the necessary steps for your I-20 form. They can provide you with the most accurate and up-to-date information.
Good luck!
The IEFA Team
If I don’t have a scholarship on my I-20 can I get the visa if I have sufficient proof of funds and also is there a difference between sponsorship letter to the admitted school/program and that of the one for Visa interview
Hi there.
Thank you for your comment.
While having a scholarship listed on your I-20 form is not a requirement for obtaining a student visa, the decision to grant a visa ultimately rests with the consular officer and various factors may be considered, including proof of sufficient funds to cover tuition and living expenses. As for your second question, sponsorship letters may differ depending on their purpose, with those submitted to the school/program and the one submitted for a visa interview serving different purposes.
We recommend carefully reviewing the requirements for each and seeking guidance from a qualified immigration attorney or the relevant authorities for personalized advice based on your individual circumstances.
*Please note we do not offer personalized advice when it comes to I-20 or student visa’s.
Hi, I’ve applied for fall term 2023 undergraduate f1 visa and my uncle who is US citizen is sponsoring for my education. Are there chances that this factor will affect my chances in getting visa ?
Hi there,
I cannot offer personalized advice on specific visa cases. However, having a sponsor who is a US citizen should not automatically impact your chances of obtaining an F1 visa for the fall term 2023. Your visa application will be evaluated based on your individual circumstances, qualifications, and ability to meet the visa requirements set by the US Department of State.
It is important to ensure that you have all the necessary documentation and evidence to support your visa application, including proof of financial support from your uncle, your academic qualifications, and ties to your home country. Additionally, be sure to follow the guidelines and instructions provided by the US Embassy or Consulate in your country during the visa application process.
Can a current company sponser for my education
Hi there.
Please check with the company as well as the lender or school you are applying to if they allow this as we do not offer personalized advice regarding applications and funds.
-The IEFA Team