When To Send Bank Statement to U.S. Universities for Graduate school admission?

Will i have to send the bank statements along with the application packet or should I wait for the universities to send me the acceptance letter. As i do not have that kind of money I need to take student loan. The bank managers here are telling that they won’t issue a student loan unless i show them a confirmation letter from the university regarding my admission. So what to do in this case? Please advice…

How much bank balance?

To give you an example, International Students applying for Graduate school admission will need to show bank amount as listed.

  • Wayne State University
    • Tuition Fees : 16,445
    • Living Expenses : $13,085
    • Total : $29, 530
  • Missouri @ St.Louis
    • Tuition Fees : $14,791
    • Living Expenses : $9,959
    • Total : $24,750
  • UCLA
    • Tuition Fees : $28,906
    • Living Expenses : $18,500
    • Total : $47,406

Total education expenses listed in above example is for 1 year. But, to get I-20 you have its sufficient enough to show the total amount listed for 1 year.

When to send Financial Statement

Usually all the universities and graduate school requires students to send the bank statement (or financial document) along with Financial Affidavit with the graduate school application package.

But, that’s not the case with some universities. For example North Carolina State University, you don’t have to send bank statement with application package. NCSU will  send graduate school acceptance letter in mail. Then you have to mail (or express mail ) bank statement, then NC State University will send I-20 in mail to you. [Not sure if this still holds true].

Student Loan for Bank Statement

What the bank manager said was right. They will give student loan only if you have I-20 and graduate school admission letter. They will not give during college application process. Now you are left with tough choice to make. You are not the only person to face this situation. Every student applying for U.S. Universities admissions will have to send bank statement with college application.

What option do you have?

If your money is in form of fixed property or maybe in movable property, it will be hard to get cash out of it, I have see friends who get money from relatives and deposit in one bank account and get bank statement. After getting the statement, you can return the money to them.

But, when applying for F-1 student visa, you will need to have cash in savings account for at least 1 year of total expenses and you can use student loan for second year [ worst case].

I have written in detail about bank statement and lots of articles about F-1 Visa and bank balance for f1 visa. I would suggest to read following articles, so you will get an idea on what to expect in terms of money involved to study in U.S.

If you have additional questions about bank statement, financial affidavit, do add a comment below.

  • saif

    Hi Raghu!
    I have 1 very nagging question about finances… Actually my dad has been accumulating money in my account over a period of time. More than a year in fact.. He did this bcoz he had multiple accounts in various banks and wanted to avoid hassles of getting statements from all these. So he consolidated all the required savings in mine…

    Is this a problem?? Since technically speaking its in my name, won’t the VO reject me saying that you cannot possibly have so much money yourself…

    Please help… I have to ready my finances..

  • Ananya

    Hi Raghu.

    I am applying for the Spring 2013 course to a Few US Universities.

    Some of those require me to declare finances while others dont. To show a bank balance equivalent to nearly $50000 is very difficult. However, I have a query wrt the bank accounts which can be used to declare finances. STandard accounts are Savings accounts. Is a Demat Account allowed? Shares are easy liquiable sources. So, will declaration of Demat account + Savings account be appropriate?

    I hope we can, because it might solve quite a lot of problems.

  • http://www.facebook.com/shankar49 Gowri Shankar

    Hi,

    My name is gowri shankar. I am planning to apply for ms in cs in fall 2013 and the problem is my dads business went bankrupt last year and we had to sell our old property and buy new property to cover the debt. we still have over 1.25 crore in properties and my dad started his business again fresh 2 months back with loan from bank. now i havent taken my gre yet but i am confident i can get above 300 and also my dads friend is a Professor and Arthur H. Feagin Chair of Civil Engineering in auburn university. Can help me to get admissions in us universitys? i am confident i can secure a loan for my studies in us but i am not sure i can show money for first year expenses for admission.. ur help will be appreciated… thanks in advance…

  • naveed gul

    HI Sir
    i am naveed from pakistan. and i am spous of usa citizen. my wife submmited petition 1 140 for me which was improved. i paid visa application fees and affidavit support form fees. now nvc ask petitioner sign on affidavit support form but she is sick and poor havent income to give me financiall support. in this situation can i use my money as bank statement to show nvc that i can fananciall support my own self.i am beneficiary can i fill 1-864A Form an send to nvc??

  • Surajit Ghosh

    Can any one tell if whether I can have two persons to sponsor me?For example My dad and uncle together has enough money to show during VISA,but none of them has that much cash of their own.So can I tell the VISA people both my uncle and dad are sponsoring me?Please reply as soon as possible.

    • sanidhya

      Even i have the same doubt…!!! Help…HSB

  • Naveen kumar Reddy

    Sir

    I wish to take up my masters in clinical pharmacy in USA. I can show a bank statement of 20lakhs and we have a property of 30lakhs . Is it enough to get an admission and my cousin is a green card holder in USA .He is willing to sponsor for my education. So what is the procedure to show that i have financial aid from him also while getting a bank statement?

    please help me….

    thank you,

    Naveen

  • muhammad usman rasoo

    i have done my ba i want to go uk for higher studies in sep admisions but i have no bank statement so plz tell me when i need bank statement i mean when i should make bank statement

  • HSB

    @sumanth: Yes, relatives can sponsor your education. You will need bank statement, affidavit and any other additional documents. But, who's name is in I-20?

  • sumanth

    dear raghu,

    my uncle(the father's brother in law) is an american citizen and is a docter. his annual income is around $200,000. If he gives an affidavit stating that he will look after my expenses in USA along with his income tax return photocopy, will it be good enough for universities and for student visa?

    waiting for your reply

    sumanth

  • Sumalya Pal

    Thanks for the reply Raghu, yeah i will go through all the pages in this blog regarding the banks statements. Thanks again!!

    • Md.Mushahid ur Rahma

      sir

      i am interested to go USA by F1 visa.My elder brother is a permanent resident of USA ,he is a computer scientist & his salary is about 7000$ per month.i want to show him as my sponsor. i have personal bank balance about 12 lacks.my bank balance is limited because most of the money is not in fluid condition(mostly invested in buying flat,about 1 core).my most of the family member like uncle,aunts are permanent resident of USA.My parent is passed away.In this situation how possible for me to get F1 visa.Please inform me.

      • HSB

        Show your brother as sponsor and have him send affidavit. Good luck.