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For student visa applications to any part of the world, you will have to mandatorily present proof of sufficient funds to finance your education, accommodation, travel, and general requirements. While it is not specified, for US student visa applications, you must have a minimum balance of $10,000 to get an F1 visa.
It is usually said that your bank account must show at least 1.5 times the amount mentioned in your I-20 form or a minimum of 10,000 USD to be considered eligible for the F1 visa. However, if you are being sponsored by your employer/family/parents, have received a scholarship and/or grants, or have taken out an education letter, you will have to submit due documents to prove the same. If you are being sponsored by a relative, you must mention the relation to the same relative in your application form.
The form I-20 is proof of finance that you need to submit along with your USA visa application. Ideally, only liquid cash is accepted as proof of finance by the US universities and embassies. To show this fund, you can attach a receipt of your salary slips, your ITR statement, your fixed deposits, duly attested by your respective bank, your savings bank statement of three months to a year, duly attested by your respective bank, your PF/PPF/passbook statements, duly attested by your respective bank, and property papers.
If you do not happen to have sufficient funds in liquid cash, you can present a Solvency, Sponsor, or Loan Letter. The solvency letter is particularly effective if you plan to take out an educational loan later. With the Sponsor loan, you can provide a certification from the bank, based on an analysis of your credit history, credit score, and assets, of your ability to take out a loan soon.
Once you have presented all documents, duly signed and attested by respective authorities, and the embassy has verified the statements with your bank, your visa application will be processed for issuance of the USA student visa. To obtain your F1 Visa, however, you need to pay $500, that is, $350 for the I-901 SEVIS fee and $160 DS-160 form fee.
If you are applying to colleges or schools in the UK or any other part of the world, you will have to present proof of funds to obtain your respective student visas. For a UK student visa, the proof of funds that you need to present depends upon your course fees. Once you have received an offer of admission and accepted the same, you will receive the confirmation of acceptance (CAS) from your school. This CAS will detail your course fee, length of the program, if you have paid any money to your sponsor, your place of study, and the type of program or student permission you need. These identifiers will determine the amount of money you need to show as proof of funds to obtain your UK student visa, the amount for which may differ for London. Furthermore, for money already paid to the sponsor, up to £1,334 can be deducted from the total balance that you need to show.
To apply for a German student visa, you must have a blocked bank account with a deposit of €11,208 to show that you have enough funds to finance your course fees, accommodation, and travel as a student enrolled in a German institute. Although a blocked account is usually preferred as proof of funds for obtaining a German student visa, you can also submit a letter of declaration from your parents or a scholarship certificate. The letter of declaration must be supported by at least 6 months’ bank statements of your parents and must denote your parents’ commitment to financially support you for your duration of stay in Germany. The scholarship award certificate must indicate that you are the recipient of the said award and the amount granted as a scholarship award. Your visa fee for a German student visa as a student above 18 years of age will be 75 Euros and below 18 years of age will be 37.5 Euros.
To obtain a Canadian student visa, you need to show a minimum bank balance of CA$10,000 for every year of your stay in Canada as part of your academic program. If your school is located in Quebec, you will have to show a minimum bank balance of CA$11,000 to obtain the student visa. You can present the proof of this fund through bank statements, a statement from a Canadian account in your name, to which account you can transfer the funds, a bank draft as convertible currency, the proof of payment of your tuition and accommodation fees, a declaration from your sponsor, or scholarship award certificate.
To obtain an Australian student visa, you need to show a minimum bank balance of A$59,000 for a university course and A$40,000 for a vocational course. You can present proof of this fund through bank statements, loan approval statements from a financial institution, or a scholarship award certificate.
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