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 a closed family friend sponsor me? And what is my likelihood of getting my visa
Hi there,
I cannot offer personalized advice on specific visa cases. However, Yes, a closed family friend can sponsor you for your F1 student visa. However, the likelihood of obtaining the visa depends on several factors such as your individual circumstances, qualifications, and ability to meet the visa requirements set by the US Department of State. It’s important to provide evidence of your academic qualifications, financial support, and strong ties to your home country to convince the consular officer that you intend to return after completing your studies in the US.
You should carefully review the visa application requirements and guidelines provided by the US Embassy or Consulate in your country and ensure that you have all the necessary documentation and evidence to support your application. It may be helpful to consult with an education advisor or immigration attorney to increase your chances of success. Keep in mind that each case is evaluated on an individual basis, and there are no guarantees of visa approval, but with adequate preparation and documentation, you can increase your chances of success.
Hi,
Please, If i have acquired a student loan from Mpower and on my I20, it’s written Mpower , what should i write on my DS 160 “who is taking care of this trip”? Should i select “Organization/company” and use Mpower Financing or should I use my relative or self in that context?? Thank you.
Hi there!
Thanks for your comment. For this question, I would suggest contacting MPOWER Financing directly.
You can contact them here: https://www.mpowerfinancing.com/contact-us
Regards,
-The IEFA Team
I want free education due to working nonprofit organization Pakistan.
Hi there,
If you’re looking for a scholarships that you may be eligible, you can find them here: https://www.iefa.org/scholarships. Using the quick search tool, you can narrow down your choices by browsing the scholarships available.
Best of luck,
-The IEFA Team
I don’t have a scholarship on my I-20 and don’t have self/family funding, it is possible to use MPOWER Financing as proof of funding in the visa application?
Hi there!
Thanks for your comment. For this question, I would suggest contacting MPOWER Financing directly.
You can contact them here: https://www.mpowerfinancing.com/contact-us
Regards,
-The IEFA Team
Should I have no personal saving to meet the Visa requirement and no tangible sponsor.. how do Mpower help. Will they issue me a covered letter to Visa office and if Yes will they honor such letter. Or will the letter exposed you don’t have enough money.
Hi there,
MPOWER Financing is a private student loan provider that can offer loans to international students who do not have a U.S. cosigner. While MPOWER Financing cannot issue covered letters to the Visa office, they can provide you with a loan approval letter that demonstrates your ability to finance your education to the visa office.
Please note that the visa office may have additional requirements beyond financial documentation, so it’s crucial to review their guidelines carefully and consult with your school’s international student office for guidance.
It’s natural to have concerns about taking out a loan, but MPOWER Financing’s loan approval letter will only indicate that you have been approved for a loan and the amount of the loan you are eligible for, and it will not disclose your personal financial situation or other financial obligations you may have.
We encourage you to carefully consider your ability to repay the loan before applying and to explore all available options for financial aid, including scholarships, grants, and federal student loans, before considering private loans.
I have certificate of investment which is fixed deposit that was kept for my education. Can I use the certificate as proof of funds in my I-20
Hi Bern,
Thank you for your question. Generally, a certificate of deposit (CD) or fixed deposit can be used as proof of funds for your I-20 application, as long as the account is in your name or in the name of your sponsor. However, it is important to note that the CD must be liquid and accessible for use. If the funds are not easily accessible, they may not be considered as valid proof of financial support.
Additionally, please keep in mind that each educational institution has its own specific requirements for financial documentation, so it is important to check with the school’s international student office to ensure that the certificate of deposit will be accepted as proof of funds for your I-20 application.
Best wishes,
– The IEFA Team
Welldone.
Thank you Rachael.
I am just accepted to SCAD (Savannah College of Art and Design) for an MA program and I need provide a “Financial Certificate” that proves a total of $63,227 in order to apply for my student visa. How can I find a loan for this? I checked scholarships but they are very little amounts like $500-$1000, won’t help at all…
Hi there,
If you’re looking for a loan that you may be eligible for, you can find our list of loan lenders here: https://www.iefa.org/loans. Using the quick search tool, you can narrow down your choices by browsing the loan lenders available.
Best of luck,
-The IEFA Team
I have a PhD Admission to America and I have a Sponsor with proof of funding, but people say I need to have additional Phd funding to be considered for F1 Visa ? Is this true ?
Hi Ezekiel,
While I cannot provide personalized advice, I can offer some general information on this topic.
In order to obtain an F1 Visa, it is typically necessary to demonstrate proof of funding for your studies. This is to ensure that you have the financial resources to support yourself during your time in the US without relying on public assistance. While having a sponsor with proof of funding is important, additional funding may be required depending on the specific program and university.
It is always recommended to consult with an immigration attorney or the US embassy or consulate in your country for accurate and up-to-date information that is tailored to your unique circumstances. They will be able to provide you with the most relevant guidance regarding F1 Visa requirements and the necessary funding for your PhD program.
Best of luck with your PhD admission and visa application!
-The IEFA Team
Hi, Please how can I apply to my school to add my personal funding to my I-20 since so that they will update my I-20?
Hi there,
Please note that I cannot offer personalized advice as the process and requirements for updating an I-20 with personal funding may vary depending on the specific policies and procedures of your school.
It is important to reach out to the international student office or designated office handling immigration matters at your university for accurate and up-to-date information on how to apply to add personal funding to your I-20 and update it accordingly. They will be able to provide you with the necessary guidance tailored to your institution’s requirements.