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How Much Bank Balance Do You Need for a US Student Visa?

How Much Bank Balance Do You Need for a US Student Visa?

6 mins read 12431 Views

By Prabhadri Suman|Updated On - 2024-01-10 10:12:26

Are you interested in knowing how much bank balance is required for a US visa? Using this guide, you will learn how to prepare financial documents for I-20, and other proof of funds for I-20.

How Much Bank Balance Do You Need for a US Student Visa?

Topics Covered:

  • How Much Bank Balance Is Required For US Student Visa?
  • Who can Sponsor My Education Abroad?
  • Difference Between Sponsor and Loan Letters
  • Financial Documents for I-20 Visa
  • How to Apply for a Student Visa to the US from India?
  • Documents Required for US Student Visa Interview
  • Conclusion

Studying abroad is a dream for many students, but financing often becomes a major obstacle. One of the crucial requirements for obtaining a US student visa is demonstrating sufficient funds to support your education and living expenses. While there is no fixed minimum bank balance for US student visa, having a minimum of $10,000 or INR 831,412 in your bank account is generally recommended. In this article, let’s delve into the financial requirements for a US student visa and get a comprehensive understanding on how much bank balance is required for US student visa for international students.

How Much Bank Balance Is Required For US Student Visa?

In the course of your US student visa application, you need to show  proof of funds for US student visa  for the duration of the study mentioned on your I-20. The form I-20 is proof of finances that you need to submit along with your US visa application. Schools usually consider the tuition fee and living expenses for 12 months of study. If the I-20 states that your degree will take 24 months, you must have the necessary funds for the specified amount.

In other words, if your I-20 lists $25,000 as the tuition and living expenses for the first year, you must have a total of $50,000 for the program term. For two years of study duration, it becomes double the amount. Some courses may have a 36-month duration on the I-20.

Your bank account is expected to have at least 1.5 times the amount listed on your I-20 form, or a minimum of 10,000 USD, to be considered for an F1 visa. Usually, US universities and embassies prefer only available cash as a form of financial documentation.

Note : If you do not have sufficient funds to show in liquid cash, you can present a Solvency, Sponsor, or Loan Letter from your bank to affirm your eligibility to take out a loan if required.  

Who can Sponsor My Education Abroad?


There are various types of education sponsors that you can approach for financial assistance. The most common sponsors include family, scholarships and grants, government-sponsored programs, private organizations and foundations, and employer-sponsored programs.

  • Parents: Your first resort is typically your parents, who can be your primary sponsors. 
  • Relatives: Blood relatives such as grandparents, uncles, aunts, and cousins from both maternal and paternal sides can also provide sponsorship. 
  • Scholarships and grants: Scholarships and grants are another great way to finance your education abroad. Various organizations and institutions offer scholarships and grants to students with academic excellence, leadership potential, or financial need.
  • Government-sponsored programs: Students who cannot afford tuition and living expenses can look for government-sponsored programs. These programs provide financial assistance, housing, and other benefits to students wanting to study in their country.
  • Private organizations and foundations: Private organizations and foundations also offer scholarships and grants to international students. These organizations and foundations may have specific eligibility criteria, e.g., academic excellence, leadership potential, or community.
  • Employer-sponsored programs: Professionals who want to pursue higher education may be offered sponsored programs by their employers. 

Interested in studying abroad? Our Experts will evaluate your profile for FREE

Difference Between Sponsor and Loan Letters  

Sponsor Letter:  A sponsor letter is not an actual fund in your account but rather a bank certificate confirming your sponsor's capability to raise funds for your higher education. This letter is based on your sponsor's history and assets that can be mortgaged to acquire a loan. 

Loan Letter:  A loan letter, also known as a sanction letter, is typically received after receiving the I-20. Private banks may provide loan letters before getting the I-20 based on the student's admission letter.

Financial Documents for I-20 Visa

To prove your financial capability, you need to submit specific financial documents for the I-20 visa. US universities and embassies only accept liquid cash as financial proof for the I-20. The following list outlines the accepted financial documents:

Documents to share as proof of financial eligibility:        
  • Copy of savings bank statement duly attested by bank
  • Copy of fixed deposits, if any, duly attested
  • Evidence of property or other assets owned, if any
  • Scholarship grant or loan offer letter, if applicable
  • Attested copy of salary slips, ITR statement, PF/PPF/passbook statements, if applicable

How to Apply for a Student Visa to the US from India?

To obtain a US student visa, it is essential to have sufficient funds in your bank account. The required amount of bank balance varies depending on the specific visa requirements. Hence, it is crucial to ensure you have adequate proof of funds for US student visa application. 

On getting your admission letter, here is a step-by-step guide on what you must do for the visa application steps for students from India: 

  • Get your I-20:  Once a US university accepts you, it will send you an  I-20 form . Your visa application will require this form. It documents your course study plans and supporting information about your stay.
  • Pay your SEVIS fee:  Pay $350 for the SEVIS fee (of Form I-901), a Student and Exchange Visitor Program (SEVP) processing and maintenance charge.
  • Complete your DS-160 visa application:  All prospective international students must complete a DS-160 form for their nonimmigrant online visa application. The DS-160 form fee is $160.

Documents Required for US Student Visa Interview

Here is a list of the documents to bring to your interview for US student visa eligibility:

  • Passport
  • A copy of the photo you will use for your US visa
  • I-20 document from your university
  • DS-160 and I-901 SEVIS payment proofs
  • School  transcripts  and official test scores submitted with the US university application
  • Diploma (if applicable)
  • Bank statements you used for your college application

Conclusion

   

Obtaining a US student visa requires careful planning and preparation, especially when it comes to meeting the financial requirements as the one question keeps on coming to mind that how much bank balance is required for US student visa for Indian / international students?  While there is no fixed minimum bank balance requirement, having a substantial amount in your bank account and providing the necessary financial documents is crucial. By following the guidelines outlined in this article, you can confidently navigate the visa process and increase your chances of studying in the US.  
 

Remember, it is always advisable to consult with experts or seek guidance from reputable sources for the most accurate and up-to-date information regarding US student visa requirements.

If you're interested in studying in the United States, you can reach out to the  overseas education consultants  via their website, edmissions.com . We will assist you with the  application process. For any further queries, you can contact their specialists at  [email protected]  .

For a quick overview related to study abroad,  click here.    

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