The “Sufficient Funds” requirement for studying abroad

Study abroad – process and requirements

Have you chosen the US, the UK, Australia, Canada, Singapore, Germany, or New Zealand as your study abroad destination? Is your application process completed? Have you received the admit? Amazing, congratulations on your success!

Hold on, though you have received an admit at the desired country in the university/college of your choice, the process isn’t completely over yet until you reach the nation. So, wondering what’s in store? Well, the completion of the most important visa process is the next big step in this study abroad journey of yours.

Visa process and study expenses – an overview

The visa process entails the preparation and presentation of financial documents and this will exactly be the focal point of our discussion in this blog. Before we move deeper into this topic, do you wish to know the average cost of education in the top study abroad destinations? Here’s an info-graphic on that aspect:

The cost of education (tuition fee + living expenses) arrived at in this info-graphic is only an estimated amount and in reality, it may show variations. Having received an admit, you must now proceed with the process of preparing the financial documents required to obtain the student visa.

Financial documents required for visa processing

If you are applying for a student visa, please ensure that you submit the following essential documents as proof of your financial stability. These are required to be presented along with the visa application. Though this list has been prepared with an intention to include every such document, the requirement varies according to the country you are planning to move to.

You are required to submit the following:

  • Bank account statements
  • Official bank loan approval letter
  • Investment records
  • Certificate from a registered Chartered Accountant
  • Employment proof (if applicable)
  • Scholarship letter (if any)
  • Sponsorship letter (if required)
  • Health insurance certificates
  • Evaluation report for own property
  • Parent’s Provident Fund statement

The discussion about financial documents is likely to bring about this question in the mind of every student: Why should I prepare and present so many documents for the visa application process? What interest does the visa council have in my financial background? The answers to these questions lie in understanding an important clause of the visa application process: the “Sufficient Funds” requirement.

What is the “Sufficient Funds” Requirement:

As a prospective international student, if you need a student visa, you must convince the visa council that you have sufficient funds at your disposal to meet the financial requirements of studying abroad. Though studying at a foreign university positively impacts your future career prospects and is thus likely to improve your financial position in the later years, it is highly important to showcase that you are fully prepared (monetarily) to meet the costs of studying in a foreign land at the present period of time. The availability of “sufficient funds” also ensures that you can concentrate on studies without worrying about financial needs.

Further, ensuring that you have enough money to cover up for your tuition fees and living expenses during your program period becomes significant if the country you are applying has stricter visa norms (as in the case of the USA). The US Visa Council requires you to submit documents in support of the permanent residency in your home country, here India. Showing that you have sufficient funds holds significance as it establishes your intention of returning to India after graduating. This is likely to reduce the concern of these study abroad destinations in terms of dealing with problems that range from surging immigrants to reduced job opportunities to home citizens. The requirement from Australia is quite stricter too when it comes to providing proof of financial capacity. The assessment for a visa will be done on the basis of your home country, the course chosen, and the cost of getting educated in Australia.

Point to remember: Please note that Australian Visa documentation is quite detailed as the nation lays a close emphasis on taking only authentic applicants who satisfy the pre-requisite conditions related to Genuine Temporary Entrant (GTE) clause. 

Now that you have clarity on the need and justification behind proving your financial capacity to secure a student visa, please ensure that you consider these pointers before filing one. If you seek more guidance in filing the student visa for your desired country, our team of experts can help you in this purpose. Please reach out to our admission team for more details.

I hope, this blog was useful in enlightening you about the study abroad process and have helped you understand the requirements to plan your study abroad. What are you waiting for? Please connect with our admissions team at the earliest to initiate this process.

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