How Much Bank Balance is Required for US Student Visa?
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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 for,m after which the student visa application process begins.
However, to get an F-1 visa, applicants must show their funding sources and bank balances. 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
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 15,293 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)
Check: Sources of Financial Aid in the USA for International Students
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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Visa applicationIt 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.
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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.
The USD provides over 200 undergraduates and 80 master's programs in specializations such as Business Analytics, Business Administration, Accountancy, Computer Science, Mathematics, and more. The University of South Dakota tuition fees for international students range between INR 6L and INR 21L for graduates and around INR 10L for undergraduates. Students can check the table below for the tuition cost of the popular courses at the university:
Courses | 1st Year Tuition Fees |
|---|---|
MBA/PGDM (4 courses) | INR 10 L - 12 L |
MS (10 courses) | INR 9 L - 18 L |
BSN (1 course) | INR 11 L |
MIM (3 courses) | INR 10 L - 12 L |
BSc (30 courses) | INR 11 L |
BBA (14 courses) | INR 11 L |
BA (18 courses) | INR 11 L |
BE / BTech (4 courses) | INR 11 L |
MA (19 courses) | INR 10 L - 21 L |
PG Certificate (10 courses) | INR 7 L |
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The University of South Dakota expects a GPA score of 2.5 from undergraduates and 3 from postgraduates on the 4-pointer scale. Along with the GPA scores, undergraduates must meet the basic eligibility and submit an ACT score of 21 or higher and an SAT score of 1070 or higher. In addition, they must submit the required documents, such as academic history, transcripts, letters of recommendation, English language scores, and more.
The acceptance rate of USU is around 94%. This means that it is slightly easier to take admission to this university. So, to take admission to this university, applicants who have a good academic background and meet the entry requirements have a higher chance of getting admission. For admission to UG courses, a GPA of 2.7 is required in high school / secondary school education. For admission to PG courses, a GPA of 3.0 is required. Additionally, meet the English language requirements.
The average GMAT cutoff for MBA in USA ranges anywhere between 545 to 755. The applicants can aim for B-schools in USA accordingly.
University of South Dakota expects a IELTS score of 6 from its graduate and undergraduate students. Along with the IELTS score, students from non-native country must prove their English language proficiency by submitting scores of TOEFL and PTE. Students can check the table below for the English language requirements for the University of South Dakota:
MBA aspirants must submit one LOR, preferably from a professional contact such as a manager or supervisor. A candidate's recommender must be able to answer the following questions:
- How long and in what capacity have you known the applicant?
- How does the applicant stand out from others in a similar capacity?
- Give an example of the applicant's impact on a person, group, or organization.
- Give a representative example of how the applicant interacts with other people.
- Anything else the recommender thinks the AdCom should know about this applicant.
- Describe the most important piece of constructive feedback you have given the applicant. Please detail the circumstances and the applicant's response.
Note: Applicants may two additional professional references to put forward their strengths.
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2 years ago
MIT is not costly for Indian students. Applicants can study BTech program at affordable tuition fees as compared to other BTech colleges in the USA. The MIT BTech fees is around INR 50 L to INR 52 L.