When To Send Bank Statement to U.S. Universities
August 26, 2008 by Raghu
Sumalya visits Happy Schools Blog very frequently and comments on articles actively expressing his ideas. His question was regarding Bank statement for college admission.
Will i have to send the bank statements along with the application packet or should I wait for the universities to send me the acceptance letter. As i do not have that kind of money I need to take student loan. The bank managers here are telling that they won’t issue a student loan unless i show them a confirmation letter from the university regarding my admission. So what to do in this case? Please advice…
How much bank balance?
To give you an example, International Students applying for will need to show bank amount as listed. Equivalent amount has to be shown as proof while sending bank statement.
Tuition Fees : 16,445
Living Expenses : $13,085
Total : $29, 530
Tuition Fees : $14,791
Living Expenses : $9,959
Total : $24,750
Tuition Fees : $28,906
Living Expenses : $18,500
Total : $47,406
Total education expenses listed in above example is for 1 year. But, to get I-20 its enough to show the total amount listed for 1 year in financial statement.
When to send Financial Statement
Usually all the universities and graduate school requires students to send the bank statement (or financial document) along with Financial Affidavit with the graduate school application package.
But, that’s not the case with some universities. For example North Carolina State University, students don’t need to send bank statement with application package. NCSU will will send graduate school acceptance letter in mail. Then student have to mail (or express mail ) bank statement, then NC State University will send I-20 in mail to you.
Student Loan for Bank Statement
What the bank manager said was right. They will give student loan only if you have I-20 and graduate school admission letter. They will not give during college application process. Now you are left with tough choice to make. You are not the only person to face this situation. Every student applying for U.S. Universities admissions will have to send bank statement with college application.
What option do you have?
If your money is in form of fixed property or maybe in movable property, it will be hard to get cash out of it, I have see friends who get money from relatives and deposit in one bank account and get bank statement. Then give the money back to them. But, when applying for F-1 student visa, you will need to have cash in savings account for at least 1 year of total expenses and you can use student loan for second year.
I have written in detail about bank statement and lots of articles about F-1 Visa and bank balance for f1 visa. I would suggest to read following articles, so you will get an idea on what to expect in terms of money involved to study in U.S.
- How much Bank Balance for Student Visa - Part 1
- Bank Balance for Student Visa - Part 2
- Can I borrow money from relatives for f1 student visa
- Bank Balance for student visa with Scholarship
- F1 Visa canceled due to fake bank statement
- 13 - Questions about Bank Statement
But, I can say, it’s certainly worth every penny spent studying in U.S. Universities. This about how much you can earn. Average Masters degree salary you will earn after graduaing with masters degree and Google salary (pays about $95,000 per year)
Similar Posts:
- Bank Statement For Graduate School Admissions in U.S.
- Bank Balance of $37,100 Without Student Loan?
- Bank Statement for F1 Student Visa
- Bank Statement - For Graduate School Application
- Bank Statement Verification by Universities
- How Much Bank Balance for F-1 Student Visa
- Bank Balance for students with Scholarship - Reader’s Question
Thanks for the reply Raghu, yeah i will go through all the pages in this blog regarding the banks statements. Thanks again!!
dear raghu,
my uncle(the father’s brother in law) is an american citizen and is a docter. his annual income is around $200,000. If he gives an affidavit stating that he will look after my expenses in USA along with his income tax return photocopy, will it be good enough for universities and for student visa?
waiting for your reply
sumanth
@sumanth: Yes, relatives can sponsor your education. You will need bank statement, affidavit and any other additional documents. But, who’s name is in I-20?