Proof of Funds for your F-1 International Student VisaJuly 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 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 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 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 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.
If you are planning to study in the US but do not have sufficient funds, 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 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 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 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 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.
Can your family friend sponsor you
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.
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
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!
The IEFA Team