After you’ve narrowed down your options and received acceptance, the next step is to apply for an F-1 foreign student visa to study in the United States.

All prospective international students must demonstrate that they have the financial means to support themselves while studying in the United States. This includes paying for tuition and fees, living expenses, and any dependents while studying.

Below we will talk about some of the financial documents you will need to prepare when trying to apply for a F1 visa.

Proof of Funds

To satisfy the Proof of finances criterion for your F-1 visa, you must either produce proof of finances for yourself or submit proof of funds through sponsorship (such as a relative financially supporting your studies). It is critical that you check with the consulate directly because this varies by country and agency, but here are some general considerations and documents you should bring with you during your visit.

Proof of liquid assets

The consulate will want to see proof that you can pay for your schooling and living expenses. While there are no specific documents that verify this, the following are some often used documents that help provide proof of funds:

• Original tax returns from the last three years (Form 16)
• Three years of bank records and/or fixed deposit statements of your sponsor (which can also be your parent)
• Pay slips, employment letters
• Chartered accountant statements
• Scholarships (which should be indicated on your I-20)
• Property documents

The US government is more concerned with liquid assets such as savings and checking accounts because they want to secure easy access to these funds. Generally, investments with variable values and property documents are not advised as proof of funds. The embassy wants to know if you have immediate finances to pay the first year of your studies and if you will have access to funds for the subsequent years required to complete your degree.

Original Documents in English

Furthermore, all of your documents must be original, in English (or have an official translation attached), and official. Your bank documentation should be on letterhead and include the account holder’s name, account number, and total amount of funds.

Sponsorship

If you want to study in the United States but don’t have the money, you can have a sponsor support you instead. Many overseas students have a sponsor, such as a family member, who helps them pay for their study. Sponsors might be located both inside and outside of the United States.

Read Also: Can a Student on an F-1 Visa Earn Money From Youtube?

There are numerous scholarships available that are tailored exclusively for international students. You can look for the most recent international scholarship postings.

All you have to do is make sure you qualify for the scholarship. Some of the qualifications include a positive attitude in school and toward one’s future job, a desire to thrive academically, and many others.

Affidavit of Support Form

If the student is sponsored by a US citizen, they must file the I-134 Affidavit of Support Form, which compels the sponsor to cover any expenses that the student is unable to bear.

If the student is sponsored with funds from outside the United States, the embassy will investigate any fund transfer limitations from the designated countries. If there are any limits, the student must provide evidence that they will be able to use these funds during their studies.

For a US F1 visa, you’ll need a range of documents that establish your financial capacity and responsibilities, such as a bank statement. If you’ve been supporting yourself for more than three years, your own documents will suffice; otherwise, you’ll need your parents’ or guardians’ documents as well. These financial documentation for a student visa to the United States include:

1. Original tax returns for the past three years
2. Bank statements for three years
3. Letters of employment, employment contract, or payslips
4. In the case of self-employment, notarised statements from chartered accounts should supplement bank statements and tax returns

Consulate and Embassy

The consulate or embassy makes the final assessment of sufficient proof of money. Even if you present these documents, the student visa may still be denied. Check with your school and consulate to ensure you have all of the appropriate paperwork when you arrive for your F-1 student visa interview.

A Loan Letter

Keep in mind that loan confirmation letters are used by US colleges rather than punishment letters, although they both indicate the same thing. If you chose a local bank loan or your university was able to offer you with access to an American educational loan, you would use a document from that institution instead. A loan letter is one of the most crucial financial requirements for a US F1 visa.

I-20 Form 

This is possibly the most crucial document you will receive from your university about US student visa financial requirements. Section 7 of this form details what the school believes you need to financially support yourself (and any dependents) during your studies, as well as how you intend to satisfy those commitments.

• You must show that you have liquid assets that meet or exceed the cost of attendance for the first year, as it is included in the minimum bank balance for US student visa. And, if you’re attending a two-year programme, you’ll need to show you have funds for that too. Second year funds can be non-liquid, such as stocks or bonds. 
• Your university will process the relevant documents and send you a copy of your I-20 through a courier or registered post. And, you shouldn’t make a visa appointment at the embassy until you have this form in hand. However, once you have your I-20, you should begin the visa process as soon as possible.

Also, ensure that you are prepared to answer all of the interview questions in the best way possible. Be eloquent, explain things plainly and straightforwardly, and constantly be in top shape. Doing these things and matching them with your complete documentation increases your chances of getting accepted for an F- Visa.