How Much Bank Balance for F-1 Student Visa
November 13, 2007 by Raghuram
- Bank Balance for F1 Visa ( Updated )
- Bank Statement for F1 Student Visa
- When To Send Bank Statement to U.S. Universities
- Student Loan and saving every bit of it
- Bank Balance for students with Scholarship - Reader’s Question
- Student Loan: How to use the money and save more?
- Bank Balance of Students who got F1 Visa
Hello guys, hope everyone for Spring 2008 Semester are busy preparing for visa interview, student loan, visa documents, CA statement. If you haven’t checked the previous posts in I-20 Sample with Fees and Living Expenses Break down and other list of questions from students regarding visa and student loan. In this article, you will know how much bank balance is enough with respect to the amount mentioned in I-20, During F1 student Visa interview, students are expected to have enough financial resources and proof of financial resource in order to get the visa. Bank Statement, Original Tax Returns, Auditors statement, Affidavit of support are some of the statements to name a few that can be used as the proof of available financial resources that would cover the total expense in U.S. ( Living, tuition fees, ..)
In the previous post I20 Sample and Fees Breakdown the total expense listed in field 7 was $19,600. So, I would show bank balance in this order
1st Year Expense
Total = $19,600
Savings Account = $20,000 or more. ( preferably $25,000 or more)
2nd Year Expense
You have lots of options to show the proof for 2nd year education expense. To name a few
1) Fixed Deposit
2) Student Loan
3) Combination of Fixed Deposit, Student Loan and Savings Account
Some students show just the Fixed Deposit and use Student Loan as backup amount. Some students might not have Fixed Deposit covering total 2nd year expenses. They will show the Student Loan as the source for 2nd year expenses.
Agian, for the first year, you can mix and match, but generally its better to show the first year expense in Savings Account or Savings + Fixed Deposit. If you are showing Fixed DEposit, make sure you get bank statement to say you have FD in this bank worth this amount and pays this much interest per year in Bank Manager Letter Head.
Visa officer will make sure your parents will be empty handed after they paid for your total education expense. So, they will verify how much they make per year. Original Tax return paper is need to show them as proof. You can show Agriculture income, income from Interest payments, promissory notes are other sources of income.
If they feel, you have fake documents, then things gets really interesting for them, and tough for you when they start to dig in more about the source of funds. When I was interview for Student Visa, the student before me argued for long time and Visa Officer was not convinced about this source of income. Then he said loud ” My parents combined income per year as per original income tax returns is 9 lakhs” he was issued Visa.
So, each case is unique and each students situation is different. If your case is different and have any questions, feel free to write a comment, so it will help other students too. If you enjoyed the post, pass it to your friends. In the next article, you will get to know the answer for one of the readers question
my doubt is will the university people really verify our bank statement …Generally students go for fake ones!!!!
Generally people wont have 22 lakhs in their bank accounts….
My seniors got their bank statements from a broker .He has given them the empty statements which are stamped and sealed ..They have printed the matter and posted them off….
If u further gimme info about this ..and do post an article reg this issue..
thnq kiran
sir i scored 1200 in GRE, i have some queries regarding bank statements & bank solvancy letters, pls clarify that for this two do i need to show liquid cash in account or can show assets. how much bank balance it is required to show
hi , i have got my I20 from southeastern louisiana university.. i have showed 41000 $ in bank statement for admission for bank statement for application .. which is mentioned in I20 also ..
my 1 year fees is 15000$ …
do i need to show 41000$
can u please guide me how much liquid i have to show in savings account and total…
@ hardik
For your First year you can show $18,000 or more in Savings.
For Second Year, aroound 18,000 to 20,000 in SAvings, or FD or Part of Bank Loan.
hello sir, recently on nov 19th. visa was rejected for the reason of having low funds in my savings….my fees is actually 22600$ per annum…during my interview i was asked that how much i have in savings.. i answered 15lks.. however i had 20lks bank loan in processing.. but by the time i explained .. so started saying no no..no to issue visa.. saying the only reason of not having sufficient funds….this time im moving with 15lks in savings,and 10lks fd..and will get bank loan of 20lks sanctioned is that ok.. sir.. plz comment ur reply. on this issue.
Hi,
Please tell me about the bank statement required for F1 visa for a PhD student.
@ Anushka - Do you have any scholarship or fee waiver?
hi am a fall 08 applicant for MS in US..i am not planning to a consultancy… i would appreciate if you could help me with preparing for visa..my 1st yr tution fee is 24000$ and am plannning to get 15L loan permit letter and 5L as bank balance…pls tell me whether if it would be sufficient documents…and the bank balance wil be showed in my mom’s account..but she is home maker.. kindly tell me if it is advicable to show money on her account…
hi,
my brother lives in italy….we have made an nri account….can we show money from his account…he will be sponsoring me…what are the chances..?
@ Amarjit : you would need to get affidavit from him, saying he will be your sponsor. Which bank account really dosen’t matter. What does your I-20 say about your Sponsor?
he is my real brother….what other documents will i require?? do i need to show his income proof too??? he has approx 12lacs in his account and my father had 5 lacs…in this way can i show 17 lacs for 1st year and 15 lacs loan for 2nd year..??
he is my real brother….what other documents will i require?? do i need to show his income proof too??? he has approx 12lacs in his account and my father has 5 lacs and he is a farmer …in this way can i show 17 lacs for 1st year and 15 lacs loan for 2nd year..??
i, I have been reading about the posts regarding the funds required to get the education in US. I want to generally share one thing.
I have been selected for MS in New york University and fee is around $32000 yearly. I went to the bank to apply for loan and the Bank loan works like this:
Bank checks how much liquid assets your have and then calculate the total expenditure of the education like in my case $64000.
Now the bank is ready to give me complete loan or ($6400 - $liquid assets my sponsor have) as they put there money in the complete Project.
My question is if the Saving a.c are creating so much problems then can’t we take the complete education loan from the bank?
Can you please tell me what is the maximum amount of loan i should apply for.Suggest me the maximum.
Thanks
dear Sir/ madam,
in TOEFL iBT i got only 60 . however i am willing to do post graduation in Law. Do you think I could find out university on this ground. However i got 21 in writing and speaking 20.
I would be greatful if you will be able to advise me on this segment.