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 Graduate school admission will need to show bank amount as listed.
- Wayne State University
- Tuition Fees : 16,445
- Living Expenses : $13,085
- Total : $29, 530
- Missouri @ St.Louis
- 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 you have its sufficient enough to show the total amount listed for 1 year.
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, you don’t have to send bank statement with application package. NCSU will send graduate school acceptance letter in mail. Then you have to mail (or express mail ) bank statement, then NC State University will send I-20 in mail to you. [Not sure if this still holds true].
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. After getting the statement, you can return the money 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 [ worst case].
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
If you have additional questions about bank statement, financial affidavit, do add a comment below.