Bank Balance of $37,100 Without Student Loan?

Universities require bank statement to send I-20. Some Universities accept bank statement when sent along other Graduate School Admission documents. Some schools like North Carolina State University, students are required to send bank statement only after they receive college acceptance letter.

Here’s question asked by Gaurav in the comment section of Bank Statement for Student Visa

Hi
My university has asked me to send the financial guarantee documents to process my i20 for the spring 09 session..but they’ve asked me to show an amount of $37,100..thats for 9 months ,everything included.I plan to take a loan,but the bank wont give me one until i show them the acceptance letter,which the univ says they have dispatched and should reach me soon.Now what expenses do i need to mention,i mean just what the univ has asked me to or should i take care of 2nd year expenses as well? i guess 2nd year expenses are not required for an i20 but VO might wanna look at the statements in the interview.
pls help.

When to Send Bank Statement

Its always better to send bank statement along with other college application and admission documents. Provided, if university doesn’t have any restrictions on when to send bank statement. Bank statements are valid upto six months from the date it was obtained.

If University asks bank statement only after student gets accepted into college, then you have no other choice.

Bank Balance for I-20

Program study length in the I-20 varies from 9 months to 12 months. But, usually colleges will ask to show funds for 9 months.

• 9 Months – Usually 2 semesters. Doesn’t include Summer Semester
• 12 Months – Spring, Summer and Fall Semesters

$37,1000 for 9 months is very expensive program. If you don’t get aid, then you will have to pay the entire expense and probably end up with $60,000 loan at end of your masters program. So, think twice before applying to expensive schools.

Using student loan to get I-20

Bank will provide student loan only after you get I-20, but to get I-20 colleges require bank statement. I certainly know its hard to get bank statement for huge amount, but you have no other choice. I have written a detailed article about bank statement for I-20 and impact of fake bank statement.

Having said the impact of fake bank statement, most of the students try to get bank statement by borrowing money from relatives while applying to admission. But, before student visa interview, they accumulate money which they had saved over years into single account.

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