Following are some FAQs that might answer some common questions on Visa Finances:
3. Do I need to show my actual source of funds for visa interview?
6. What other documents do I need from my sponsor?
The most important document you will need from your sponsor is an Affidavit of Support. Mention only the amount of Liquid Funds made available by each sponsor on the Affidavit. Try not to mention non-liquid funds.
- What amount of funds do I need to show for my visa interview?
- What if my I-20 mentions a bloated (lengthier) program duration?
- Do I need to show my actual source of funds for visa interview?
- In what forms can these funds be shown?
- How do I present these proof of finances to the visa officer?
- What other documents do I need from my sponsor?
You should be able to show enough funds for the entire duration of your stay i.e for the duration of your program as mentioned on your I-20. The financial estimates on the I-20 are usually for 12 month period.
The duration of most programs is 24 months or 2 years, but can differ as it is specific to each program. The rule of thumb is twice the amount mentioned in the I-20, which should be covered by liquid and non-liquid funds, in most scenarios.
Sometimes, the course duration on the I-20 is more than what it actually might take. In this case, you still should prepare sufficient finance for the written duration.
Sometimes, the course duration on the I-20 is more than what it actually might take. In this case, you still should prepare sufficient finance for the written duration.
2. What if my I-20 mentions a bloated (lengthier) program duration?
Usually, the I-20 states your program's duration as 36 months. (This is to account for deferrals and flexible course structure). Check if you can get a written communication from the university stating that it is common for the program to last two years despite what the I-20 states. Take supporting documents to back your claims that you need to finish the program in 2 years, and that you will maintain your F-1 status while you are at the university by taking appropriate credits each semester. The officers have got every right to buy or reject this argument and hence be prepared with an explanation. Be firm and honest about the duration of your program and how the funds you have shown are indeed sufficient.
3. Do I need to show my actual source of funds for visa interview?
In several cases, the funds that you show during your visa interview are not the actual source of funds that you will be using to pay for your education. It is highly recommended to show your actual source of funds.
But, there is a possibility that you cannot show your actual sources of funds due to the fact that:
But, there is a possibility that you cannot show your actual sources of funds due to the fact that:
- The living expenses on the I-20 are much higher than what you will actually be spending. (This is true for almost everybody)
- You will have rely on on-campus jobs to a certain degree.
- Your funds may not be readily available at the time of the visa interview, but will be ready by the time you have to pay the fees.
4. In what forms can these funds be shown?
Technically, they say that funds for the first year must be shown in the form of liquid funds. Funds for the remaining duration of the course can be shown as non-liquid funds.
Note that it is better not to show properties/lands as sources of funds as one is hardly like to sell it. However, properties/lands can be shown as an asset to establish strong home-ties, a reason for the visa officers to believe that you have a strong base in your native country and won't immigrate to the country for which you are requesting a visa.
Click here for a detailed description of the documents that you can present.
Note that it is better not to show properties/lands as sources of funds as one is hardly like to sell it. However, properties/lands can be shown as an asset to establish strong home-ties, a reason for the visa officers to believe that you have a strong base in your native country and won't immigrate to the country for which you are requesting a visa.
Click here for a detailed description of the documents that you can present.
5. How do I present these proof of finances to the visa officer?
There are two ways:
There are two ways:
- Prepare a consolidated statement in tabular format. It should have three columns - Asset, Value in Rupees, Value in Dollars. Have four separate sections for all the above four forms of funds.
- Prepare a Fund Flow Statement. State the funds required for your education semester-wise and the source of funds for each semester. So you will have three columns - Semester, Funds Required, Source of Funds
6. What other documents do I need from my sponsor?
The most important document you will need from your sponsor is an Affidavit of Support. Mention only the amount of Liquid Funds made available by each sponsor on the Affidavit. Try not to mention non-liquid funds.
Here is a suggested format.
The Affidavits must be printed on a stamp paper of minimum Rs.20 value and then signed and notarized. Alternatively, you can print the affidavit on a paper and get franking done. Notarize it after that. It is recommended that each sponsor have a separate Affidavit made, since each will have a separate set of documents associated with it.
The Affidavits must be printed on a stamp paper of minimum Rs.20 value and then signed and notarized. Alternatively, you can print the affidavit on a paper and get franking done. Notarize it after that. It is recommended that each sponsor have a separate Affidavit made, since each will have a separate set of documents associated with it.