Hello, I’d like to know what’s the minimum amount of funds you need to have in order to be able to get a visa. My Family’s income is worrisome, and I am apprehensive about not being able to get one because of that. Any answer would be appreciated.
The funds required will depend on the cost of your studies. Apply to colleges that will give you scholarships or financial aid.
When you apply for your student visa, you will need to demonstrate that you have suffucient funds to cover the full international cost of attendance as stated by the college/university you are going to attend. This can include aid from the college/university itself, from your family, from other sources (such as a scholarship from another organization), or a combination of all of these.
When you receive the I-20, it should come with the cost of attendance and the amount you would need per year.
That’s what you need for a visa… but some colleges require that you demonstrate MORE than just one year of available funds.
^ That is what the OP asked. It is not the school that asks the student to demonstrate the financial status unless they are providing aids to meet the need. If you cannot get a visa, you cannot enroll anyway.
I issue the I-20 at my school, and I will not issue one without certification that the student has adequate funds to cover the cost of the first year of study (I require recent bank statements - other schools may allow parent income to be part of it, but I do not because I have adult graduate students) … and the student & sponsor must verify that they will be able to afford subsequent years in the program. The cost of study is the cost of tuition, fees, room, board & miscellaneous estimated expenses (books, transportation, personal expenses). Once you are accepted and make an enrollment deposit, I assume the school will send you forms for certification of finances - and they will require the documentation in order to issue you an I-20. You will need to be able to show proof that you can cover whatever cost of attendance your school is not covering through grants or scholarships. By the way, the school does not make the ultimate decision about whether or not you can afford it … when you go to the visa appointment, your financial information will be reviewed & the consulate representative decides if funding is indeed adequate as part of the process.
For the I-20s I received from 2 different schools when I was a graduate student decades ago, I never needed to provide the financial information to the school but to the consulate. Not sure if that is school dependent or the policy has been changed.
@billsho - Some colleges/universities require evidence that the student can afford to attend before the student can even be accepted. Others don’t. In any case, the visa officer at the consulate will re-check the financial information and has the discretion to deny a visa if that officer doesn’t think the numbers are good enough.
I don’t know when/whether the rules have changed, but the oversight has tightened in recent years. Schools need to be able to provide documentation to SEVIS, if audited, that they received proof of funding prior to issuing the initial I-20 (even with transfer students). We have to enter this into the system when creating the record.
I know USC requires international students to provide a financial statement of support with documentation from a bank: https://admission.usc.edu/firstyear/prospective/international.html