Want to Study in the US? Here are essential financial documents required for preparing proof of finances

Pursuing higher education in the United States is a significant milestone for international students. However, alongside academic aspirations, students must ensure they meet the financial requirements set by universities to secure admission. It's important to note that each institution has its own specific financial criteria, which must be met to complete the admission process.

Demonstrating financial viability is critical in assuring institutions that students can support themselves during their studies. Read on to learn about the essential financial documents required to fulfil university requirements and facilitate a seamless transition to studying in the U.S.

Before issuing a Form I-20—a crucial document required for obtaining an F-1 student visa—universities conduct a thorough financial verification process. This ensures students have sufficient liquid funds to cover tuition and living expenses for at least their first academic year.

While some students may receive financial aid or scholarships from their university, many international students must demonstrate they have the capacity to fund their education.

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Essential Financial Documents

To ensure a smooth admission process, students should prepare and submit the following key financial documents:

Bank Statements - A bank statement serves as proof of liquid funds available to cover tuition and living expenses. Students can submit a bank statement in their name or that of a sponsor (such as a parent or legal guardian). The statement should include the account holder’s name, the bank name with contact details, a sufficient available balance that fulfils the university’s requirements, currency, and the issue date.

Fixed Deposits (FDs) - Some universities may accept FD certificates as financial proof, provided they are easily accessible for educational expenses. If students plan to submit fixed deposits, they should ensure that these deposits are not bound by long-term restrictions that may prevent immediate withdrawals.

Affidavit of Support - If a parent, relative, or benefactor funds the student’s education, an affidavit of support is required. This document serves as a formal declaration by the sponsor confirming their intent and ability to finance the student’s studies. The affidavit should include the sponsor’s full name and relationship to the student and a statement of commitment to fund the student’s tuition and living expenses. For sponsors based in the United States, universities may require Form I-134 (Declaration of Financial Support), a formal affidavit for visa sponsorship.

Income Tax Returns (ITRs) or Pay Slips - Though not always mandatory, ITRs or pay slips from the past 2-3 years can serve as additional proof of financial stability by demonstrating a steady income flow.

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Scholarship Letters - Students awarded an external scholarship, grant, or financial aid must submit an official letter from the funding organisation. This document should specify the amount awarded to the student, the duration of the scholarship, and whether the scholarship is conditional.

Loan Approval Documents - Many banks and financial institutions offer study loans based on the student’s academic credentials, collateral, or co-applicant’s economic stability. The loan document should also contain the method and schedule of disbursements. If the I-20 is required to obtain the loan, it is possible to get a provisional loan approval that can be used as proof of funds. It is important to note that life insurance policies, property investments, and fixed assets are not accepted as valid proof of finances. Funds should be in liquid form, meaning they are readily accessible.

Students should check university instructions on submitting proof of finances. Some universities specify their requirements on their website or through email.

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Your Documents, Your Responsibility - Preparing financial proof for studying in the U.S. requires careful planning and attention to detail, mainly because financial requirements vary by institution. Students are responsible for ensuring that their own financial documents are true and accurate – even if a friend, relative, counsellor, or bank, prepares them.

Providing fraudulent documents can jeopardise the chances of securing admission and can even lead to visa refusals or criminal charges if discovered later in the process. That’s why it is very important to work with reliable sources when navigating the admissions process. Early preparation, transparent financial documentation, and professional guidance from EducationUSA advisers or university officials can help streamline the process.

(Author Arvind Sivamani is EducationUSA Adviser. EducationUSA is the U.S. government’s official source of information on higher education in the United States. Views are personal.)