To be allowed to study in the USA as an international student, you must provide financial proof demonstrating your ability to fully cover all costs of an academic year. This is a requirement to obtain the I-20 Form, which you need for your student visa. American universities are obligated by the U.S. Immigration Authority to demand this proof to ensure that international students do not face financial difficulties.
In this guide, we explain step-by-step which documents you need, how to provide the proof, and what specifics you need to consider.
The financial proof shows that you or your family have sufficient funds to cover the total study costs for one academic year. This requirement by the U.S. government is meant to ensure that you are financially secure during your stay in the U.S. and do not create additional financial burdens for the university or the state.
The I-20 Form issued by the university is required to apply for your F-1 student visa. Without the complete financial proof, the university will not be able to issue the I-20, and you cannot be approved for the visa.
The amount that needs to be proven varies depending on the university and individual living expenses. Generally, you must cover the following cost items for an academic year:
Tuition Fees
Room and Board
Books and Supplies
Health Insurance
Travel Costs (round-trip flight)
Miscellaneous Expenses (e.g. personal expenses, spending money)
Important Note:
The U.S. government requires that you always indicate at least $3,000 - $5,000 USD more than the actual costs in your financial proof. This amount serves as a buffer and is considered a safety margin to cover unexpected expenses.
Calculation Example for the Proof Amount:
Total annual costs: $30,000 USD
Deducted Scholarship: -$10,000 USD
Amount to be Proven: $20,000 USD
Safety Margin: + $5,000 USD
______________________________
Final Proof Amount: $25,000 USD
To provide the financial proof, the following documents are required:
The Bank Statement is an official document that confirms that your sponsor (e.g., parents, grandparents, or other relatives) has the financial means to cover your study costs. The Bank Statement must contain the following information:
Full Name of the Sponsor
Account Number (can be partially obscured)
Date of Issue (not older than three months)
Total Amount in the Account (in USD or with appropriate conversion)
Signature and Stamp of the Bank
Tips for the Bank Statement:
- Ensure that the amount on the Bank Statement exceeds the required proof amount.
- It is advisable to provide a buffer of 3,000 - 5,000 USD more than the needed sum.
- If you have multiple sponsors, you can submit multiple Bank Statements.
- If the bank has difficulty issuing a suitable statement, you can submit an account statement that clearly shows the account holder's name and balance.
The Affidavit of Support is a formal declaration by your sponsor that they will financially support you. This letter of intent is important to show the university that the funds are not only available but also intended for your studies.
The document should include the following information:
Name of the sponsor and your relationship to them (e.g., father, mother, uncle).
Declaration that the sponsor is willing to financially support you.
The exact amount the sponsor is providing.
Signature of the sponsor.
If possible, on the sponsor's bank or company letterhead.
Tip for the Affidavit of Support:
Many universities provide their own form. If this is not the case, you can use a simple template.
Example Affidavit of Support
To Whom It May Concern,
I, [Sponsor's Name], confirm that I am the [Relationship to Applicant] of [Applicant's Name] and that I will provide financial support for his/her studies at [University Name]. I guarantee that I have sufficient funds to cover a total of [Amount in USD] for his/her first academic year, including tuition, living expenses, insurance, and other costs.
If you need any further information, please feel free to contact me.
Sincerely,
[Sponsor's Name]
[Signature]
Many universities require you to enter your cost breakdown in a specific university form. Download this form from the university's website and fill it out completely. The form typically includes the following points:
Estimated Costs for room, board, and tuition fees.
Sponsor's Signature confirming that they will cover the stated costs.
The way the financial proofs must be submitted varies from university to university. There are generally two methods:
A. Upload in the Application Portal
Some universities offer an application portal where you can upload the documents. Make sure that all files are in PDF format and easily readable.
Here's how it works:
Log in to the application portal.
Go to the "Financial Documents" or "Upload Financial Support Documents" section.
Select the appropriate files and upload them.
Check the visibility and readability of the documents after the upload.
Wait for the university's confirmation.
B. Sending by Email
If uploading to the application portal is not possible, you must send the documents by email to the university's Admissions Office. Use the email address provided by the college and make sure to phrase the subject line clearly.
Example Email:
To: admissions@university.edu
Subject: Financial Support Documents for [Your Name | Your Applicant ID]
Dear Admissions Office,
Please find attached the required financial support documents for my application at [University Name]. I am including:
- Bank Statement
- Affidavit of Support
- University Financial Form
Should you need any further information, feel free to contact me at [your email address].
Best regards,
[Your Name]
The financial proof is an important part of your college application and a requirement for the issuance of the I-20 Form. Make sure that all documents are complete, show the correct amount, and are submitted on time. If you have any questions or need assistance, the Smarthlete team is always here to help!