When must one send bank statements 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 or admission 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 advise.
How much bank balance
To give you some idea, international students applying for graduate school admission will need to show bank amounts 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
- Tuition Fees: $28,906
- Living Expenses: $18,500
- Total: $47,406
The total education expenses listed above examples are for one year. But to get an I-20, you must show sufficient (or higher) amount in your bank statement versus the total amount listed for one year. More on this topic at Bank Statement for Graduate School Admission.
When to Send the Bank Statement
Usually, the majority of the universities and graduate schools will require students to send the bank statement along with a financial affidavit in your graduate school application package.
You have to make sure to follow the instructions specified on the admission page of the university you are planning to apply.
For example North Carolina State University, you don’t have to send a bank statement with the application package.
- NCSU: Mails the admission confirmation mail.
- You: Mail the Bank Statements
- NCSU: Mails the I-20
Student Loan for Bank Statement
What the bank manager had said was right. They will give a student loan only if you have an I-20 and a graduate school admission letter. Some Private banks in India would issue Education Loan after admission is granted and before I-20 is issued.
Most State and National banks in India, would not approve education loan to study abroad, during the college application process.
If you don’t have enough money to show bank balance, one way is to borrow money from getting the bank statement.
What options do you have?
If your money is in the form of fixed property or maybe in movable property, it will be hard to get cash out of it.
I have seen friends who got money from relatives and deposit in one bank account and then get a bank statement. After getting the statement, they would return the money to them.
But when applying for an F-1 student visa, you will need to have cash in a savings account to cover for at least one year of the total expenses, and you can use the student loan for the second year [worst case scenario].
I have written in detail about bank statements and lots of articles about F-1 visas and bank balance requirements for F-1 visa applications.
I would suggest that you read the following articles so you will get an idea of what to expect regarding money involved to study in the U.S.
- 12 FAQs About Bank Statements
- How to get bank statement without a bank loan
- Impact of Getting bank statements from Agents
If you have additional questions about bank statements and financial affidavit, please do add a comment below.