The financial documents are the most important factor for an F1 VISA. Inability to show the necessary funds will seriously affect your chances of getting an F1 VISA. Read the following article to understand the financial documents requirement and start preparing for these documents well in advance so that you will not have to run around at the last minute.
What are the financial requirements for F1 VISA?
Understand the financial document requirement carefully before you take any steps in preparation for the financial requirements. We have listed all the necessary requirements below
- Proof of liquid assets sufficient to pay for the entire first year of education including the tuition fees, living expenses and other miscellaneous expenses.
- For the courses whose duration is more than 1 year, you must have documents showing proof of funds or likely availability of funds for the remaining duration of study as well.
As surprising as this might sound, these are the only financial requirements for the F1 VISA.
Documents to be presented to meet the above financial requirements
Although the requirements are as simple as stated above, to establish these requirements, strong documentation is required. The following documents of the student or the sponsor are required for an F1 VISA.
- Original tax returns (Form 16) for past 3 years
- Bank Statements for past 3 years
- Original Fixed Deposit Receipts
- Chartered Accountant Statement
- Loan sanction letter
Important points financial documentation for F1 VISA
- If you can show legitimate liquid assets for the entire duration of your studies in US, you will not have any problems regarding financial documentation. But carefully read the important information regarding this documentation in the next section.
- No need to worry if you do not have sufficient cash in your bank account. It is almost impossible that you or your sponsor has such a huge amount of money in your current or savings bank account. The good news is that liquid assets need not be only available cash. Fixed Deposits, Shares, Bonds, Stocks, mutual funds, gold or even your LIC policies can be a form of Liquid Asset. If you add up all these sources, you will definitely be able to produce proof of sufficient liquid funds. Discuss these possibilities with a Chartered Accountant. A statement from CA certifying these funds is a perfectly legitimate proof of liquid assets.
- Getting an education loan is the most preferred option to show availability of funds for the remaining duration of education. Your liquid assets, together with your education loan amount will certainly exceed the requirement of funds for the entire duration of your study.
- An education loan is sanctioned by the bank after a lot of scrutiny and documentation. You are given a loan only if the bank is sure that you are completely capable to repay the loan with interest. Approval of an education loan automatically gives you this credibility and hence, it is strongly recommended that you apply for an education loan even if you have sufficient liquid funds.
- Fixed assets like property or land are not taken very positively by the US VISA consulates. These are funds that are not readily available, their price is always fluctuating and these are mostly disputed. The US consulates are aware of this fact and hence, you should not provide these assets as your primary funds documentation. These may be shown as additional funds that you have along with liquid funds and education sanction letter. It will definitely add weight to your financial documents.
Important information about documentation of liquid assets for first year
The amount mentioned on your I-20 document is the first year's expenses including tuition fees and living expenses. The basic requirement of liquid assets to meet the I-20 amount has no alternative whatsoever and is also required by the Universities before they issue the I-20 to the students. But, keep in mind that the solvency certificate issued by banks to send it to the Universities is of no use for the F1 VISA process. You can use a solvency certificate issued by Chartered Accountants for the purpose of F1 VISA. Another important point is that you should not borrow huge amount of money from a friend or relative and deposit in your account just for the purpose of F1 VISA. You need to show the bank statements of past 3 years and a sudden huge deposit in your bank account or your sponsor's bank account will certainly raise eyebrows.