Bank statement for graduate schools application is one of the mandatory documents. Without that, you cannot get admission in majority of the graduate schools.
Happy Schools had record breaking number of visitors few last days and hope the trend continues. Students are talking and creating the Buzz about Happy Schools. I’m happy to see the positive response and lots of emails with questions they want to be answered in here.
Today the topic of out interest is Bank Statements. Under this topic you can find information about
- Why colleges and universities ask for Bank Statement?
U.S. Education is expensive. It considered expensive even for the domestic students. So, universities want to make sure students apply for admission have enough financial resources to cover the cost of the education.
- How much bank balance to show while applying for graduate school?
For International students, universities ask for bank statement showing proof for atleast for 1st year of college expenses. That typically includes Tuition Fee, Living Expenses, Books, Health Insurance. Tuition fee might be for 9 month period or for 12 month period. If its 9 month period, universities will calculate tuition fee for 9 credits. For 12 month study tuition fee for college will be calculated for 24 credits ( 18 credits + 6 credits in Summer ).
Check out tuition fee estimator for 12 month study. You can find that information from International Students Admission link or some schools will ask for Financial Affidavit along with Bank Statement.
- How long that balance should be in account for Graduate School admission?
As long as you need to get enough number of bank statement ( on original letter head with bank managers seal and signature). Some of them would have accounts in different bank and in different forms of money. In that case, you can move money from different banks to one bank to get bank statement.
- What if I have part of money in form of Fixed Deposit/CD and part as cash?
It’s necessary that you need to have required bank balance in Cash in bank account. If 50% is in terms of Savings Account and 50% as CD or Fixed Deposits, you can get statement to say you have cash in 2 different forms and total is equal to 100% in one single statement.
- What should be the contents of the bank statement
I will try to upload a sample pdf file.
Name of your sponsor
Relationship to Sponsor
Type of Account(s)
Current Balance ( in local currency Rupees, Euro, Yen,…)
Equivalent in U.S. Dollars
Conversion Rate used for calculation ( Say 1USD = INR 39 )
- Does universities accept photocopies of the Bank Statement?
You need to get bank statement in original letter head from the Bank with Signature and Seal from the Bank Manager. Universities usually don’t accept photocopies of bank statement.
- Do colleges accept attested copies of Bank Statement?
Even if its attested by the same bank manager. Why take the risk or sending photocopy and universities asking you to send a original copy at the very end before issuing I-20. Majority of the schools don’t accept the attested copies too.
- When to send Bank Statement - Along with graduate school application packet or after getting the acceptance letter?
It’s based on graduate school policy, for instance NCSU will first issue Acceptance Letter and then ask the student to send Bank Statement. Unless otherwise mentioned specifically to send bank statement after issuing Acceptance, its always better to send the Bank Statement for graduate school admission along with other application documents to Graduate School.
- Can we get admission to graduate school without sending Bank Statement?
Refer to previous answer. If you couldn’t send bank statement along with application package, send a note along with graduate school application, saying you will send bank statement in specific period of time. Some schools will consider your application to be incomplete unless they receive the bank statement.
- How long is the Bank Statement valid?
Universities in U.S. consider Bank Statement to be valid for 6 months from the date when Bank Statement is issued. So, you would need to take 2 bank statements. One for admission and one for during visa interview. Even though if both admission and visa comes within 6 months, I would try to get a recent bank statement while appearing for visa interview.
- At what stage of graduate school application process, bank statement is used?
Bank Statement is used to check if students have enough financial resources to afford the cost of education in U.S. And International office need the financial proof to issue I-20.
- Does the location of the bank matters ( City or Village)?
Nope, not at all. Unless its written in English, location of the bank doesn’t matter.
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Plz do answer the qns you’ve posted…it’ll be really useful!
Could you plz provide a sample bank statement for download?….
Thanks for the idea. I will include sample bank statement too. I’m working on the article. Anytime soon, I will post it.
hey..i have applied to arlington….n they have a financial statement form…its has 3 forms in it… which form do v have to fill for sending our packets…
Hi,
Could you pleae tell me how do you provide a bank statement if you cannot afford this sum. My university has 33 lakhs!! I cant possibly have have this much amount.
please help…
Which school is that for 33 lakhs? For visa you will have to show balance for atleast 66 lakhs. If you can’t afford such expensive school, I would suggest looking at school where the tuition fee is less.
Please suggest me as my father does not have enough bank balance so as to show one year fee. all his savings are in MIS nd bank balance is sufficient to show my fee. plz tell me . can i really try for MS .
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Hi. I have submitted a fake bank statement to the graduate school, and it was approved. However I am ready with almost the same money in original. But now I have to take statements from 3 different banks to equal the amount, that I have shown in the fake one to the university. Is there any problem in providing multiple bank statements during visa ..? And will that be any problem if there is slight difference in the original amount to the amount which I have shown in fake(as univ would print it on the I-20) ..?
@ Ashish
1) It’s not mandatory to show same amount in Bank Statement for Visa. I’m not sure how you decided that both amounts should be the same.
2) Amount you show for Visa should be twice as the amount Graduate School asks for Admission purpose.
3) Multiple Bank statements are perfectly fine. Infact I had statements from 3 banks when I appeared for Visa.
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@Raghuram
See I thought so because, some univ’s do print the amount we showed ‘em on the I-20. Anyway thanx for the clarification.
hi..i need a $40k bank statement for college, i deposited the money only 10 days back, my spouse works here and can support my fees. can i go ahead and get a bank statement or will this sudden deposit raise questions?
@ kaykay
If you are getting bank statement for admission purpose it dosen’t matter when you deposit the money in bank.
Hey thnx a lot for this great blog and providing all this valuable info!!
the college asked me to send the application in 2months
i dont have any $ at any bank .
If i put the money requried and get bank statement after one month ,will the ISO approve that statement?i heared they need to be at leaset 3 months old
please what should i do
@ Adam
I dont see any problem with that. For ISOs and schools, these bank statements are just mere formality which US INS has burdened them with, and schools are way far more supportive in this matter. Having said this, if you require a visa to enter the US, then showing a statement just 1 month old can be big problem, as most US missions abroad require a statement atleast 6 months old.
i need to pay around $22k per year…i have already gotten my i-20…my question is how much balance do i have to show for getting a visa? and if i put this amount recently will this raise questions my the visa issuer?
please help me with a bank statement.i’ve been adimitted to City banking College in UK .I’ve been able to pay my fees but can’t get a bank statement, and am suppose to report to UK in exactly 14 days to enroll on the BA(hons)Business Management course. Am in Ghana and in Accra to be precise .I will be very grateful if u help me get a bank statement. The school tip on it is that , i should be able to come up with at least 10,000 Dollars worth bank slip.please help me. thank you.