Preparing Financial Documents for US F1 Student Visa Interview
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Financial Documents form a crucial part of the US F1 Student Visa interview and is usually the most worrying part among most of the students planning to study in the US. Inability to show adequate funds for studying in the US can result in your visa getting rejected. Early start, proper understanding and thorough documentation can help you ease this stressful experience and ace the F1 Visa interview successfully.
WHAT IS THE FORM I-20?
After you have been admitted, the university provides you a document known as Form I-20 or Certificate of Eligibility for Non-immigrant Student Status – For Academic and Language Students. Section 7 of the I-20 form mentions the amount of funding you must have to cover your first year expenses. This includes the tuition fees, living expenses and other miscellaneous expenses. You must prove that you have adequate funds to cover these expenses. Ideally, you should show an amount equivalent to at least 2 times the I-20 amount as a combination of liquid and fixed assets. You also need to consider factors such as inflation, emergency traveling, foreign exchange rates etc.
WHAT ARE THE FINANCIAL REQUIREMENTS FOR F1 VISA?
1. Liquid assets sufficient to fund the entire first year of duration of the program of study. Liquid assets are those financial resources which are readily available in cash or can be converted to cash easily. These include Bank Balance, Fixed Deposits, Equity and Mutual Funds, Stocks, Gold, Insurance policies and Provident Funds.
2. Fixed Assets sufficient to fund the remaining duration of the program of study. This can include loan, property valuation reports etc.
Note that a solvency certificate issued by a bank does not qualify as a proof of fund for the duration of your program of study. Also, it is advisable that you should not transfer a sudden huge deposit in your bank account from a friend or a relative since it can raise the visa officer’s (VO) eyebrows. Be ready to explain the origin of the transaction if you’re doing so. Your sponsors can be
· Self Sponsored
· Parents or Relatives
· Scholarships or Assistantships from the university
· Scholarships from government or other agencies
FINANCIAL DOCUMENTS FOR F1 STUDENT VISA
1. Original Affidavit of Support from your sponsor
3. Original Bank Records (Bank Statements or Passbook) of sponsors for the past six months and/or fixed deposit statement of your sponsors.
4. Original Income Tax Returns for the past 3 years (Specifically form 16)
5. Proof of employment of sponsors such as salary slips and/or employment letters.
6. If your sponsor is a businessman, you must provide balance sheet of the business for the past 3 years.
7. In case if the sponsor is a farmer, then the appropriate land papers must be provided.
8. Financial aid from the university in the form of a scholarship, fellowship or an assistantship (TA/GA/RA)In case the applicant chooses to show this, they shall require a confirmation that a similar financial aid will be available for the entire duration of the program.
9. Financial aid from the student's home government if the government is sponsoring for your studies.
10. Gold Valuation Report
11. Property Valuation Report
12. Share Certificates (as applicable)
13. Mutual Fund Statement (as applicable)
14. Insurance Policy Statement (as applicable)
15. Postal Savings (as applicable)
16. CA Statement showing a short summary of the proof of funds.
17. Salary Slip if you’re employed (as applicable)
18. Income Tax Returns if you’re employed (as applicable)
(Also Read : Documents Required for US Visa Interview )
Thus, with proper planning and thorough documentation, the US F1 Visa financial documents process which seems overwhelming can be easily carried out with any trouble. Keep all your document papers organized and up to date and you are not far away from hearing those golden words, “Your visa has been approved!”