Basic Information
Federal Immigration rules require that all international students must provide proof of adequate funds to meet the financial obligations of enrollment at a US university. That means, you are required to show evidence that you have enough money to pay for your education and your living cost in the US.
Most US universities require you to send a Affidavit of Financial Support document along with your application. Generally US universities accept Bank Verification certificate (e.g., Bank Statement with the amount stated in US dollars) as a Declaration of Finance document.
An Affidavit of Financial Support is a document that lists the sponsors of your education in the US along with the amount of money that they are willing to give you.
If you are planning to bring along any dependant, such as your spouse or children, you will have to include a certain amount (specified by the college / university for dependants) in your affidavit to cover the living cost of your dependent.
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What are the types of funds accepted and how they should be declared?
Each university sets its own terms as to which funds to accept and how they should be declared. Note that you can combine more than one source of fund in your Declaration of Finance. However, the combined amount (personal fund + family fund + scholarship / financial aid) should be more than the minimum amount listed by your college / university for that particular semester or academic year. Please check with your intended college / university for more details.
Below we have outlined some of the types of funds accepted by the US universities / colleges :
Self-sponsored funds
You can fund your own education. You will have to sign the Declaration of Finance document and provide a Bank Statement of your funds. The Bank Statement should be dated within the current year and the amount on it should be stated in US dollars using the currency conversion rate of the day the Bank Statement was made.
Individual Sponsors
Individual sponsors can be your parents, relatives, family members, friends, etc. Individual sponsor will have to sign the Declaration of Finance document or provide a signed letter declaring intent to sponsor. He should also provide a Bank Statement of his funds. The Bank Statement should be dated within the current year and the amount on it should be stated in US dollars using the currency conversion rate of the day the Bank Statement was made.
Funds from the Government
If you are going to receive funds from the government as part of some scholarship, then you will have to provide a verification letter on an official letterhead stating the amount that will be received.
Funds from Private Agencies
If you are going to receive funds from a private agency as part of some scholarship, then you will have to provide a verification letter on an official letterhead stating the amount that will be received.
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What should the Bank Statement contain?
The Bank Statement should contain the total amount of funds in the sponsor's account. The Bank Statement should be dated within the current year and the amount on it should be stated in US dollars using the currency conversion rate of the day the Bank Statement was made.
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How much amount should I show in the Affidavit of Financial Support?
Each college / university has different minimum required amount listed for a particular semester or an academic year. However, to give you a rough estimation, in most cases it will be somewhere between $12,000 - $45,000. This amount depends on the cost of tuition in your college / university and on the general cost of living in that area.
Please check with your intended college / university for more details.
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I am reapplying to a University. Do I need to resubmit a new Affidavit of Financial Support?
Yes. If you are reapplying to a university / college, and if your Bank Statement is more than a year old, you have to submit a new Declaration of Finance document. Please check with your intended college / university for more details.
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