It can be a daunting task for some international students to figure out the steps needed to get admitted to a school and make the trip to the United States. One crucial step in the process is providing sufficient financial proof that you can support your expenses for at least the first year of study.
Universities will provide the estimated cost of attendance for the specific program that a J1 visa or F1 visa holder has been admitted to. Typically, a university will supply a Financial Resources Statement or something similar that will provide the cost of attendance:
- tuition,
- university fees,
- books,
- living expenses,
- and costs for dependents, if applicable.
The next step is showing financial documentation that proves that you have the funds necessary to meet the first year’s cost. Generally, universities will accept:
- scholarships,
- personal loans,
- education loans (also known as student loans),
- and any proof of personal or family income or sponsorship.
What about stocks?
- Regarding stocks or funds counting towards personal or family income, some schools will allow a percentage of the value to be counted.
- It can range anywhere from 75% to 50%.
- However, some universities do not allow you to count them as funding.
- We highly recommend you check with your admitted university to find the most up-to-date and correct information on the school’s requirements of financial proof.
Who can be a sponsor?
Oftentimes, a prospective international student has a family member, such as an uncle or aunt, that is willing to sponsor them.
- Generally, this is fine and allowed within the requirements.
- Again, we recommend you check with the individual school to make sure this fits within their requirements and payment procedures.
What sources of funding are not accepted?
Many sources of funding are typically not accepted such as:
- House/plot value,
- insurance accounts,
- the value of a business,
- credit card statements,
- and financial documents older than 6 months are not accepted.
- The specific requirements will vary by university and you will want to check with each school individually to make certain of what they accept and do not accept.
For an example of what a university may require, please visit these university websites for more in-depth examples:
Do you have any other questions about the process of proving your financial ability to attend school for the first year while in the U.S. as a J1 visa or F1 visa student? Let us know in the comments!
As always, please visit us at www.nomadcredit.com to search for your financial product options, including education loans and student health insurance. Please don’t hesitate to email us at help@nomadcredit.com.
