I am an international student.
I’ve got a few questions regarding the tax returns the universities I am applying to require me to mail to. My parents got a legal copy of their last year’s tax returns last week. However, they are issued in my country’s currency. Do colleges require the tax returns to be sent with converted numbers in dollars or do they make the conversion themselves according to that day’s rate? If they do require the documents to be sent in dollars, are the companies which translate the tax returns in English eligible to rewrite the numbers in dollars and perhaps include the currency rate in the translated document? Furthermore, I spoke to a representative in the financial office of a few of the colleges which have stated on their websites that they require tax returns to be mailed by international students. However, the representative told me that most international students choose to send in bank statements as well “even though they are not needed when evaluating the financial need but they are indeed asked for when applying for a visa”. In that case, as I understand it, there is no need for me to send in statements so soon? Surely, if the college needs further documentation they’d contact me if I get accepted?
I’ll answer the banks statement part of your question. As an international student, you will have to show proof that you have the funding for a full year of college (some schools require more than one year) to get your student visa. This funding can include approved loans, college financial aid, and money in the bank. The bank statement would show that you have the money in the bank.
Thank you for clarifying the matter, thumper1! So, colleges won’t eventually use the statements in evaluating my financial award…
@Vintagey
You are required to list your assets on the financial aid application forms when you submit them. So, any money IN your oarent bank account WILL be considered when the school reviews your financial aid application.
One of our kids was selected by his college fo verification every year for four years. The first year, the school asked us to,send bank statements, I’m sure this was to see if we reported our assets correctly.
I see. I will send them if they ask me to, however, I wouldn’t want to send them prior to that since it’s rather expensive to get the documents issued and translated.
Speaking of assets, how exactly am I supposed to list the price of antiques if such estimation has never been made by a professional? In fact, what would be considered antiques? Do I have to list the price of the furniture in our apartment, for instance?
You don’t list the furniture in your apartment.
In that case, what the antiques section qualify for? Would those be items, paintings, for instance, which has officially been determined the value of?
Furniture in your house, that your family uses everyday, would not be an asset.
Does your family own a museum or an antique gallery?
@BelknapPoint Your thoughts?
OP may be referencing a financial aid form that is specifically geared towards international students, and if so that form may ask about asset classes that typically aren’t reported, such as antiques, works of art and other personal property.
Vintagey, what form are you looking at that asks you to “list the price of antiques”?
Some time ago I looked for a sample financial document that I’d be required to fill in and I stumbled upon a Collegeboard form called International student financial aid application which I downloaded from Vassar’s website. There’s this section “Other (jewelry, artwork, antiques)”.
The paintings that we’ve got at home wouldn’t be considered to be of high value compared to something exhibited in a museum. However, there’s jewelry that’s not in my parents’ name, it’s inherited but it’s definitely not worth hundreds of thousands of dollars… In that case, should I put in 0 if I came across such field on the CSS profile or would I have to make at least some estimation of the items’ value?
Tell us what the exact wording of the question on the form is, and we can provide more specific (and useful) advice.
Alright then, I will wait until I’ve made my CSS profile in that case.
Final question - should I submit my CSS prior to mailing my tax returns to the colleges? I’m afraid it’ll take about 3 weeks for them to arrive but there’s still a chance for them to get earlier than I’ve submitted all my online documents. Would that be a problem?
Send the tax info. The school will start a file fo you…and will add other supporting documents as they come in.
You can do the Profile on October 1.
Thank you!
Two final questions - as far as I understand, universities requiring students to send in official tax returns along with translated copies demand that the translation be certified. Are the translated copies considered legally certified only after being stamped with the Foreign Affairs ministry or it is sufficient for the documents to be sealed by the translating agency/legal translator? Secondly, does it matter whether I sign my name and date of birth on each page in pen or pencil?
Question 1: Ask the school what they require.
Question 2: Pen.
Alright, and would it be a problem (in case that’s not needed otherwise) if I sent a non-translated copy of the tax returns along with the translation?
Why would you want to do that?
If the school wants a translated copy…get one. Ask the school.