Finances Required

Living Cost of is 12000.00 USD

Financial Documentation List (United States)

Financial Documents

Proof of Funds

A prospective foreign student is required to demonstrate Proof of Availability of Funds when he applies for F-1 student visa in or outside of the United States. USCIS or an Officer at the local US Embassy need to be sure that the student can live in the US and pay his tuition without working, which is permitted for foreign students only under rare circumstances. Proof of Availability of Funds can be demonstrated either by the prospective student directly, or through Sponsorship. The following is a list of the standard requirements and conditions for Proof of Funds.

• All financial support documents must be dated within 6 months of the intended program start date or date of extension request.
• All financial support documents must be in English, or with an official translation into English from the bank attached.
• All bank statements and bank letters must be on bank letterhead and include the name of the account holder, account number, and specific amount of funds.
• The name of the sponsor on the affidavit of support must match the name of the account holder on the bank statement or bank letter.
• All funds must be readily accessible and liquid, such as savings accounts and checking accounts. Investments with fluctuating values are generally not recommended as viable proof of funds
• An F-1 student may not act as a sponsor for a fellow F-1 student
• You will need to demonstrate how you will finance your education at the University/College during your first year of study. Someone is going to need to be responsible for your University/College educational costs. This someone is the sponsor. The sponsor can be someone in the U.S. or in your home country. The sponsor can be you, your father, your mother, your uncle, your aunt, or any other family member or friend. The sponsor can also be a company, a government, a church, or a combination of these sources. In other words, you may have more than one sponsor. However, it is NOT advisable to have more than 2-3 sponsors

There are seven types of sponsorship that an F-1 student can have:

• All financial support documents must be dated within 6 months of the intended program start date or date of extension request.
  • Affidavit of Support (Notarized)
  • Income Tax Return or letter from employer stating annual salary
• Change of Status - Sponsor Abroad
  • Guarantee letter of support
• Change of Status - Self Sponsor
• Initial Entry - US Sponsor
  • Affidavit of Support (Notarized)
  • Income Tax Return or letter from employer stating annual salary
• Initial Entry - Sponsor Abroad
  • Guarantee letter of support
• Initial Entry - Self Sponsor
• Transfer-In - Self Sponsor, US Sponsor, or Sponsor Abroad
  • Recent bank statement with appropriate amount of funds for duration of I-20