I am an international student, and I happen to stumble upon the sections 8a and 8b of the Certification of Finances form of Collegeboard.
My parents do not have “savings” in a bank account, and so should I be leaving the
Section 8a of the form blank(0$). If so, do I then need to acquire the bank official’s signature?
So, the only way to afford the fees of the colleges will be through the salaries of my parents. Will this be a negative impression for the colleges or the potential visa officer that I have no savings and will be depending on future income of parents?
Your certificate of finances will need to show that your parents have the funds to support at least one year in college. This can include savings, and already approved financial aid from the college, and approved loans.
I’m not sure how they treat folks who plan to pay with current income. Do your parents have sufficiently high incomes to show that paying for college is actually possible out of current earnings?
The colleges are asking for this form before admission.
I can although provide wage statement from the employer to verify the amount that my parents can contribute. Can that be helpful? @thumper1
Wage statements show current earnings; they are not an indication of definite future earnings, they do not show current assets available to pay future college costs, and they do not indicate how much money will be available for your college costs after other critical expenses of living are paid.
@Sybylla I have not, and it astounds me too that they ask for COF before admission. Take for example Reed College, which I have applied to in EA. They want me to fill up the COF, and when I contacted them saying I have yet to receive the admission notification, as well as the financial aid details, they advised me to fill the COF with an expected amount my family can pay.
My parents’ annual income fall in the category below 15k$. What should I do?
I think I can manage the bank account and add some funds there to show? But I am asking will that be an advantage?
All US colleges with the exception of H,Y,P, MIT and Amherst are need aware for international students. What that means is that international students who need financial aid are at a disadvantage. Students who don’t have proof of funds are at an even greater disadvantage…some schools will even consider an app incomplete without proof of funds.
All you can do is fill out the information they ask and list the assets that your parents do have, and see if that suffices.
How will you afford travel to and from the US?
Have you only applied to US colleges that meet full need for international students? Have you applied any affordable safety schools in your home country, or elsewhere?
This is probably part of a yield protection strategy. A college worried about yield will not want to admit a student who can not demonstrate the financial ability to attend.
Schools are required by law to only provide I-20 forms to students who can show that they have the funds to afford to pay for the first year of school. I used to do I-20’s for a college, and I would not provide them without proof of adequate funding in the bank. When the student went to the embassy for a visa, they had to prove to the embassy staff that they could afford it … so even if I were to have decided they could afford it on their salaries, the embassy staff could decide that wasn’t good enough.
I did not collect funding information until after admission decisions were made, but there are a number of schools that do it prior to admitting students. I assume this is because they don’t want to waste a spot on someone who cannot provide proof of funding. It may not seem fair, but these schools have their policies because they work best for them. You should ask your question of each school individually, because you may find that you get different answers.
Prospective F-1 or M-1 students must have the financial resources to live and study in the United States. This includes being able to cover the cost of tuition, books, living expenses and travel. Designated school officials (DSOs) must collect evidence of the student’s financial ability before issuing a Form I-20, “Certificate of Eligibility for Nonimmigrant Student Status.”
Additionally, prospective students must bring their evidence of financial ability when applying for their student visa with the U.S. Department of State. It is also advised to have the evidence on-hand when entering the country at a U.S. port of entry, in the event a U.S. Customs and Border Protection officer asks to review it. "
Your parents have $15,000 annual income and you say no savings.
How will they pay for you to attend college in the United States.
Someone else might know this…but if Reed is need aware for admissions, your family income will show you have significant financial need for the college to fulfill…and this won’t help you get admitted.
Reed says it will meet need (as they see it) so it is interesting that they would ask for COF from an EA. Unless OP has not asked for FA, they will know the family needs the whole shebang.
I have A*s in Computer, Physics, Mathematics, and Chemistry and an “a” in General Paper. My SAT score is 1390( EBRW-590, Maths-800) and 800 in both Physics and Maths-II Subject Tests. @thumper1
It is due to some specific circumstances that I currently don’t have savings which I have explained in the CSS profile. But within a month or two, I can certify a good amount of savings.
I have applied to safety schools in the US as well as in my home country.
Some more affordable safety school suggestions are appreciated! @Mwfan1921
Such as? Really, there are none for internationals that need 100% of COA plus. How much are you stating you can pay from the as yet not available savings??
How? Your parent Income is $1300 a month or less. How can you amass a good amount of savings in a month or two?
Please…be realistic and don’t make things up. The colleges…and the folks issuing you a visa to study here will see through any sham you concoct.
Reed has a cost of attendance of $60,000 or so a year. If you have minimal income and savings, you will need a LOT of need based aid from Reed. The school is need aware for admissions for international students. Your ability to pay will likely be considered when your admission application is considered.
@thumper1 I am an international student and the meaning of “good amount” is different for us and the native Americans. So, I apologize for providing the wrong intention.
Perhaps I meant as high as possible that can be saved by my parents. I recently got a job to add up to those savings. Finally, I think it would be a “good amount” compared to the salary earnings of my parents.
But yeah, in the end, I agree with you that these savings wouldn’t even matter much compared to the COA of most colleges. That is the reason I asked the question of the importance of the savings section in COF, which I believe, I already have an answer through this thread.
Thanks, everyone!