Hello guys, I hope everyone is getting ready for attending his/her F1 Visa interview – preparing one’s visa documents, student loans, CA statements, etc.
If you haven’t checked the previous posts in I-20 Sample with Fees and Living Expenses Break down and others, like the list of questions from students regarding visa and student loan, please do so.
In this article, you will know how much bank balance is enough with regards to the amount mentioned in I-20.
During F1 student visa interviews, students are expected to have enough financial resources and convincing proof of financial resource in order to get the visa.
Bank statements, original income tax returns, auditor’s statements, and affidavit of support, to name a few, are among the legal documents that can be used as evidence of available financial resources that would cover for the total expenses in studying and living in the U.S. (living expense, tuition fees, miscellaneous, etc.)
In a previous post, I featured a sample I-20 and breakdown of fees. Covering the total expense listed in field 7 was $19,600. So now I would show bank balance in this order:
1st Year Expense
- Total = $19,600
- Savings Account = $20,000 or more (preferably $25,000 or more).
2nd Year Expense
You have lots of options to show as proof to cover for your 2nd year education expense. Here’s to name a few:
- Fixed Deposit
- Student Loan
- Combination of fixed deposit, student loan and savings account.
Some students just show fixed deposit account and use student loan as backup amount.
Some students might not have a fixed deposit to cover for the total 2nd year expenses. They will show their student loan statement as the main source to cover the expenses for their 2nd year.
Again, for the first year, you can mix and match. But generally, it’s better to show the first year expense in the form of savings account or savings + fixed deposit.
If you are used fixed deposit, make sure that you get your bank statement in the bank manager’s official letterhead which states that you have FD in this certain bank worth this amount and pays this much interest per year.
Visa officers will make sure that your parents will be empty handed after they had paid for your total education expense. So they will verify how much they make per year.
Original income tax returns are need to show them as proof. You can also show agriculture income, income from interest payments, promissory notes, etc. are other sources of income.
If they somehow sense that you have fake documents, then things will get really interesting for them, but tougher for you especially when they start to dig more deeper about the sources of your funds.
When I was interviewed for student visa, the student before me argued for a long time and the attending visa officer was becoming unconvinced about the sources of his parents’ income.
But then he said out loud: “My parents’ combined income per year as per original income tax returns is 9 lakhs.” He was issued his visa.
So each case is unique and each student’s situation is different. If your case is different and you have questions, feel free to write a comment, because it might help other students, too.
If you enjoyed reading this post, please pass it on to your friends. In the next article, you will get to know the answer to a question raised by one of our readers:
My doubt is will the university people really verify our bank statement… Generally students go for fake ones. Generally people wont have 22 lakhs in their bank accounts….
My seniors got their bank statements from a broker. He has given them the empty statements which are stamped and sealed. They have printed the matter and posted them off…. If u further gimme info about this ..and do post an article reg this issue.
Sometimes universities do verify submitted documents. Here are more information about bank statement verification by U.S. universities.