The Best Ways to Show Your Financial Ability as an International Student in the US

International students from all around the world go after the American dream by choosing to study in the country.  In 2016, 1.2 million international students attended American colleges and universities, which was an increase of 7 percent compared to the previous year, and double the nuSmber of international students compared to the amount that came 10 years ago.

But as you probably all know, the United States is notorious for the expensive price tag attached to its higher education – and the government wants to make sure you can afford it before you are admitted into the country. In order to get your student visa, you have to demonstrate your financial capability to afford your studies abroad. Planning this ahead of time and getting your documents organized is more important than ever applying for the universities. There is no use in getting accepted if you can not show you are able to afford your studies in the United States. In fact, when you go in for your immigration interview to get your visa to study in the United States, you will have to present your I-20 form (eligibility to study in the US) before you show your acceptance letter. Proving your finances is a major part of having this form accepted by the US government! We get into this at the end, so keep on reading.

Understanding the cost of education in the United States

Before you apply for colleges, make sure you have an idea about how much your education will cost, and whether or not you have the funds to pay for it. Then you should start applying to colleges so that you have options of schools you can choose to go to. After having applied, you will have to wait to see if you get admitted or not. Fingers crossed!

Once you get admitted, the first thing the university will ask of you is the proof that you are financially able to support your studies in the United States. They don’t just want to see that you are able to pay the tuition fee – they want to see you will be able to afford the overall package, including the tuition fee, living expenses, as well as additional costs such as school books.

What do I show to prove financial ability to a US university?

All students wanting to study in the United States need to show that they are financially able to afford to study and live abroad. The problem is that there is no standardized format of what universities want to see for you to prove your financial ability – every university has different standards and every university requests different documents. However, all schools will ask you to provide some kind of financial proof that shows you will be able to afford at least the first year of studies. Note that some universities will even ask for more than only the first year, but this depends on each individual university.  

Let’s say you first year’s tuition and expenses come out to about $60,000 US dollars. You will need to show that you will be able to pay for it in your local currency. How do you show that? Most universities will ask for liquid assets, like your parents or families bank statements, savings accounts, etc. If you will be supported financially by your parents, you will have to submit information on your parents monthly and yearly salary. Some universities might even accept investments or other assets that your parents have to show they are financially able to pay your studies in the United States. If you are less dependent on your family financially, you will have to show your assets through bank statements, the scholarships you have received, or loans you have acquired to prove your financial ability.

Some universities specifically state what kind of financial information they need from you, which makes it easier for you to gather up the correct documents. However, others won’t have any information available for you on the matter, meaning you will have to submit what you feel are appropriate documents that prove your financial capability. Whichever way is fine, but just be aware that regardless of the university you get accepted to, you will have to prove your financial ability.

Proving your financial ability to the US Embassy

Now, that you have finally submitted all financial information needed, your university will determine whether you will be able to pay for your studies. If they think you can pay it off, they will send you an I-20 Form (the certificate of eligibility for nonimmigrant status). This form will indicate the amount of tuition and the living expenses you will have as an international student. At your interview at the United States Embassy, you will need to bring this form as well as your financial information to show you can pay the amount indicated on the sheet. Whether you get your visa to study in the United States or not will be determined by the United States Embassy, making it all the more important to have all the accurate information organized and ready to present to your foreign service officer. Be aware that the embassy will verify that all your information, including your finances, is accurate so do not try to pull a fast one and give false information. This can get you in serious trouble! If you are worried about your interview, follow the best tips to get through your immigration interview successfully.

Is it worth the headache to study in the United States?

As you can see, studying in the US at a college or university requires a long due diligence process for you to get through. Although it is a big investment in time and money, you will be receiving a world-class education at some of the best universities in the world. Your experience abroad and return on investment will be well worth all the fuss you had to get through when you land your dream job after having completed your studies.

Our recommendation is that you take your time to get your priorities straight, prepare your checklist, and get through your tasks diligently so you can secure your place at the university you want. Also, remember that there are tons of ways to pay for your education in the United States – you always have the option to take out student loans or get a scholarship to pay for your studies. This kind of information can be included in your financial statement, so try to secure the money you will need before you get to your interview at the US embassy!

Also, make sure to choose your university wisely since you will be staying there for quite some time! If you have already had your experience abroad as an international student in the United States and have tips and recommendations on how to afford education in the US, please feel free to share any advice to our community.

We wish you luck on your way to fulfilling your dream to study in the United States. Let us know if you have any questions about how to finance your education in the United States – we are standing by to help with whatever question you might have about studying in the nation of endless opportunities.

About Stilt:

Stilt provides loans to international students and working professionals in the U.S. (F-1, OPT, H-1B, O-1, L-1, TN visa holders) at rates lower than any other lender. Stilt is committed to helping immigrants build a better financial future.

We take a holistic underwriting approach to determine your interest rates and make sure you get the lowest rate possible.

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Frank Gogol

I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.

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