Dear Altruist,
I’ve some confusion about financing my studies in US universities. I did my google search and worked through popular forums but almost all the time I got a varied response. Therefore, I’m posting my query here.
Suppose, after availing of all the waivers and scholarships, my average annual cost of attendance becomes 40K USD per annum. Now, before getting my visa, should I have the amount of four-year tuition( about 160K) in my sponsor’s bank account? Or, I just need to show the ability to pay my freshman year cost( 40K )? How many days before applying for a visa do I need to deposit that amount in my sponsor’s account?
Please any experienced senior/year-mate enlighten me with proper information. Thanks In Advance.
I’m an international student from the Asian sub-continent.
The university you’re attending is supposed to check your financial resources before issuing the I-20 document that you need to apply for the student visa. Consulates almost never ask to see financial documents again. Some universities want the financial documents together with the initial application for admissions, other universities want it sometimes around April or May, after the student sent in an enrollment deposit.
You need to have sufficient resources for the 1st year readily available (e.g. sitting in a bank account) to get the visa documents. Many (but not all) universities will also want to see a credible plan for future years.
What documentation the university will want to see exactly depends on the university. Most universities will ask for bank statements for funds in the student’s or a parent’s name, and for a formal award letter for funds committed by an institution (e.g. a government agency). Universities differ on how they handle funds committed by other individuals (e.g. extended family). Some universities want bank statements for all individual sponsors, others will accept an affidavit of support for sponsors who are not immediate family.