Demonstrating financial solvency is crucial for obtaining your student visa. US authorities need to ensure you can cover your expenses throughout your stay.
How Much Money Do I Need to Show?
You must prove you can cover at least the first complete year of studies. This includes:
- Tuition: $20,000 – $60,000 USD annually depending on the university
- Housing and meals: $10,000 – $15,000USD
- Personal expenses and books: $3,000 – $5,000 USD
- Health insurance: $1,500 – $2,500 USD
Estimated total: $35,000 – $80,000 USD for the first year.
Accepted Documents
- Bank statements: Must be recent (no more than 3 months old) and show available liquid funds. Authorities prefer to see a history of several months.
- Sponsorship letters: If your parents or a sponsor are funding your studies, you need a notarized letter specifying the financial support commitment.
- Scholarship proof: Include official letters from the university or institutions granting scholarships, detailing the amount and duration.
- Educational loans: Bank approval letter specifying the loan amount and disbursement terms.
Common Mistakes to Avoid
Don’t submit documents with funds you just deposited right before applying. Consular officers look for financial stability, not last-minute transfers. Avoid presenting properties or illiquid investments as sole proof; they prefer available cash.
Ensure all documents are officially translated to English if in another language. Don’t overestimate or underestimate: be realistic with costs according to your university’s location.
Practical Tips
Keep your accounts organized several months in advance. If you need to consolidate funds from different family accounts, do it with time and maintain a clear history. Consult with your university about their specific cost estimates, as they vary significantly.
