How Much Bank Balance is Required for US Student Visa?
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International students who get through the elaborated admission process in US universities have to submit details of financial funding next. OISS helps international students navigate through the immigration laws of US which are further helpful in understanding funding options students have and consequently applying for a student visa in USA.
OISS assesses the applicant’s funding for the first year only. This financial assessment is done once the student returns his or her Statement of Intent to Return (SIR), as referred to in some US universities. Once the OISS approves that the student has enough bank balance to study in the US and support education for the first year, they are granted their I-20 form after which the student visa application process begins.
However, to get an F-1 visa, applicants must show their funding sources and bank balance. Bank balance in USA is another requirement which needs to be fulfilled. Showing minimum bank balance is essential for visa officers to know that applicants can fund both education and living costs while studying in US. Before applicants plan their education in US, irrespective of public or private US universities, they must have their funding and bank balance in check. Check out the following article for more details on the bank balance required for student visa applicants in the USA.
- How much bank balance is required for a US student visa?
- Who can Sponsor my Education in the USA?
- Studying in USA - Funding Proof Requirements
- How Much Bank Balance is Required for US Student Visa FAQs
How much bank balance is required for a US student visa?
There is no hard and fast rule to have a minimum bank balance while applying for an F-1 visa in the USA. However, it is usually recommended to show a minimum bank balance. So how much bank balance is required for US student visa?
- US student visa holders must have at least USD 18,000 (₹15.70 L approx) - USD 24,000 (₹20.93 L approx) in their bank account, which must also be reflected in the previous 6-9 months of statements.
- F1 visa proof of funds for 4 year course is also mandatory as part of minimum bank balance for US student visa.
- However, it is recommended that applicants try to show 1.5x more bank balances to show the Ad Coms/Visa officers that they will be able to sustain themselves in the USA during their study period.
- This excludes the SEVIS fee cost of USD 350 and the DS-160 form fee of USD 185, which is the application form exclusively for F-1 visa applicants. However, the exact bank balance for a student visa in the US will still vary based on the following factors:
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- Applicant's school and program choice
- The cost of living in the specific US state of study
- Applicant's circumstances
- Acceptable funding options in the US require a personal bank balance, education loans in the US for students, grants, scholarships, and RA/TA. Applicants can submit any of these proofs to show that sufficient funding is available for studying and living costs in USA.
The minimum bank balance for studying in the USA is to ensure that the applicant has sufficient amount to sustain and study in the USA for the first year. This is why applicants can also get confirmation from US universities and I-20 forms. The bank balance is just a confirmation that the student can fund his or her studies irrespective of the sources of financial aid in the USA. This includes personal funding, sponsor funding, government or sponsoring agencies and US University-specific funding.
| Check out more about F1 Visa: |
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Who can Sponsor my Education in the USA?
Tuition rates vary significantly from one US university to another, even when choosing a private university in the US or a public university in the USA. The cost of living is additional and increases the overall costs drastically. The annual tuition costs for international undergrads are around USD 40,000, while the cost of living in the USA ranges between USD 12,000 to USD 15,500 approx.
To cater to these costs - the cost of studying in the USA specifically, there are four types of funding acceptable to study in the USA:
- Personal or family savings
- Educational loans from US or Indian lenders
- Scholarships and financial aid from US universities
- Scholarships from external agencies and also NGOs or foundations (i.e. Rotary, Tata Group, etc)
Apart from these, applicants can also get some fully funded scholarships in US as well for study. Applicants can also refer to some useful Sources of Financial Aid in the USA as well.
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Studying in USA - Funding Proof Requirements
Apart from the above-given funding sources, some additional requirements must also be satisfied based on the funding the student submits to the university as part of the financial documentation assessment to the US Immigration Department to grant an F-1 study visa to international students:
| Funding Sources Acceptable by OISS |
Minimum Requirements |
|---|---|
| Type of Funding |
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| Personal Funding Sources |
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| Sponsored Funds |
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| Government Or Sponsoring Agencies |
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| University-Specific Funding |
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It can be concluded that, though for one year’s tuition fee coverage in the USA, the I-20 form is granted for getting a student visa in the USA, multiple forms of funding sources can be shown, and the minimum bank balance would also be considered. Thus, applicants should prepare themselves and their funding proofs accordingly. Also, read about FAFSA for Indian Students.
For admission and application-related queries, contact us below in the comments or contact our counsellors for free counselling by signing up here - https://studyabroad.shiksha.com/apply.
How Much Bank Balance is Required for US Student Visa FAQs
Q. How much bank balance is required for a US study visa?
A. There is no set amount declared by US government for international students, but it is recommended to have minimum USD 18,000 in their accounts. This is because, the US Immigration is assured that the applicant can complete one year of study easily in the US. Thus, in total the bank balance will depend on the applicant's course, school, funding they are eligible for and also based on their personal circumstances.
Q. How much should be in bank statement for US student visa?
A. The bank statement for US student visa should include sufficient funding for international students for one year of study and living. For those who prove this funding are usually granted their US student visa unless their are any other discrepancies. Applicants should also mention about their sponsors, and how and when they will help the applicant with funding. This is mandatory for applicants as this is one major aspect of getting a US student visa.
Q. How many months of bank statement is required for US visa?
A. International applicants applying for a US student visa, have to submit their bank statements. The bank statements should be 6-9 months old which should reflect that the amount the applicant would need for studying in USA has been maintained. This is important to assure the US Immigration that the applicants will be able to meet their financial needs while studying and living in the USA.
After submitting the application the Iowa State admission committee will review the application for admission on the basis of documents that applicants provide. A decision may require several weeks as it depends on the time of year the applicant submits the application (Applications submitted right before the deadline require a much longer processing time due to the volume of applications received then.). Applicants will receive an admission offer letter and the I-20 Form if admitted.
ISU University has received 22,995 applications among which 5,859 get admission offers for the fall of 2023-24. Iowa State acceptance rate is around 90%, which means out of 100 applications 90 get admission. Therefore, it is not hard to get into Iowa State University for International students.
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2 years ago
International students who wish to study at Iowa State must have at least GPA of 3.0 on a scale of 4.0 for UG and PG admission. International transfer applicants must have a minimum equivalent GPA of C+ on a scale of A to F or 2.25 on a 4.0 scale for all transferable courses.