Q&A: How can I show proof of funds for my U.S. visa application?
As an international student, receiving admission to a school abroad is only half the journey. Before booking tickets and saying farewell to friends and family, you need to ensure you can enter, stay and study in the U.S. legally.
To receive this permission, you’ll need to submit several documents, showing proof of funds. Financial documents like this can be tricky, but don’t worry – we’ll guide you through what proof of funds means and how and when you’ll need to show it.
Q: What does proof of funds mean?
First, let’s break down the purpose of a proof-of-funds document. Every prospective student on an F-1 or M-1 student visa must demonstrate they have the financial resources to support their studies in the United States. This typically includes income to cover the cost of tuition, books, living expenses, travel and other related costs.
A proof-of-funds document, which is sometimes called a visa support letter, guarantees that you can cover these expenses during a specific period. Without this documentation, your designated school officials (DSOs) cannot issue a Form I-20, which is essential for applying for a student visa and securing a visa interview.
Q: What documents can be used for proof of funds?
A variety of documents can serve as proof of funds or financial evidence, including but not limited to:
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- Bank statements: These should show a balance that covers your tuition and living expenses. The statements should be recent – within the last three months.
- Sponsor’s documentation: If a family member or other individual is sponsoring you, their letter should state their commitment to cover your expenses and include their financial statements.
- Financial aid letters: Include documentation of any scholarships, grants or student loans you’ve secured. Ensure these letters are official and detail the amount awarded.
- Employer letters: If you have a job offer or are on a paid internship, a letter from your employer stating your annual salary can serve as proof of funds.
You may have more than one proof-of-funds document if the submitted documents show the combined total funds will cover the expenses listed in the I-20. For example, a sponsor’s letter plus statements from two different banks or any other combination as long as the total funds cover your expenses.
Q: Do I have to decide on the school I’m going to attend before getting a visa?
Yes, you do. A letter showing proof of funds (or visa support letter) or a combination of several proof-of-funds documents is directly tied to your school and future expenses. Therefore, before obtaining proof of funds, you must decide which school you plan to attend. The amount you need to cover will depend on the school and the area you choose – living in a suburban area near the University of Mississippi will be cheaper than living in the city and studying at New York University.
However, this doesn’t mean you can’t apply to multiple schools. You can apply to as many schools as you wish and even receive several I-20 forms. But when it comes to getting a student visa, make sure you bring the I-20 form and visa support letter for the school you included in your visa application and plan to attend.
Q: When will I use proof of funds documentation?
You’ll need to show proof of funds twice. The first time, your designated school official (DSO) will ask for financial evidence to issue your I-20 form. This form certifies that you’ve been admitted to a U.S. institution and have the financial resources to support your education.
The second time you’ll need to present proof-of-funds documentation is when you go to the consulate for your visa interview. At this stage, you’ll need to provide financial support material and explain how you’ll cover your studies abroad expenses. This documentation reassures consular officers that you can support yourself financially during your stay in the United States.
If you’re still applying to schools, you don’t need to worry about proof-of-funds documentation. However, it’s important to think about funding in advance to ensure you can afford the tuition and associated costs. Early financial planning can help you avoid last-minute stress and guarantee you meet all necessary requirements on time.
If you get admitted to a school but find you can’t cover all the expenses, consider taking out a student loan. Student loans can bridge the gap between your available funds and the total cost of your education, making it possible to pursue your studies without financial strain.
Q: How to get a visa support letter from MPOWER Financing?
Every student who has a student loan from MPOWER Financing automatically receives a free visa support (proof-of-funds) letter. Once you’ve submitted your application and uploaded the required documentation, you can find the visa support letter in your MPOWER portal. Remember, each support letter is tied to the specific school and program you included in your original application. If you decide to attend a different school, you’ll need to restart the MPOWER loan application process.
Final words on proof of funds
Obtaining proof of funds for your U.S. visa application can be challenging, but with careful preparation and the right resources, the process is manageable.
Start early, gather all necessary documents and consider your funding options, including student loans, if needed. Ensuring financial stability allows you to focus on what truly matters – your education and future plans. For more tips on your U.S. student visa application, watch the video below from the MPOWER team. Safe travels and good luck with your studies!
