Finance for students | Loan Approvals, Scholarship Letters
Studying abroad is a dream for many. But keeping track of all documents for the admission process and finances for student applications is not easy. To help you along, we have the perfect finance document checklist for students.
University applications require planning, effort and time. Not only does the admission process entail the submission of countless application forms, but also financial documentation. One of the most important documents during the admission process is the verification of the student’s financial capability.
After applying for admission to a certain university, a student needs to provide proof of their funds. A proof of funds statement ensures that the student will be able to bear his or her expenses during their stay at the university and in a foreign country. The expenses in this context mean that the student has the financial capacity to bear their tuition fee, living expenses, cost of accommodation, and so on.
If you are applying to a university abroad, here is a look at some important documents of finance for students:
1) Bank Account Statements
The university might require you to submit your sponsor’s bank account statement for a specific period as a proof of finance for students. The format of these statements should be clear and simple. Keep in mind, the bank statement should be of the person who will be financing your studies.
For instance, if the university accepts financial support from your parent or guardian, the bank statement needs to be from the savings account of that person. Moreover, most universities require scanned copies of the original bank statement and not e-statements. The requirements for the bank statement may vary according to universities. In most cases, universities ask for a 6-month statement.
2) Scholarship Letters
While many students opt for education loans or short term loans to manage their finances, several others are privileged to receive scholarships. In case an international student has been awarded a scholarship for their program, they need to attach the scholarship letter with the application form. Scholarship letters are offered by universities or institutions providing the scholarship. Unless you have a government grant, you’ll have to attach its copy as well.
Need a detailed list of study abroad scholarships?
3) Loan Approval
International students can also submit an education loan approval letter as proof of funds to universities. This document is easily available from the bank you applied for the education loan. Banks have a specific format for this document. The main purpose of the document is to convey the bank’s approval on your eligibility for education loan for your venture abroad.
4) Affidavit of Support/ Sponsorship
An Affidavit of Support is not a financial document itself. Instead, it is a testament to financial support being provided to the student. Universities in the US and Australia often ask for this document along with students’ financial proof statements.
5) Bank Letters
A bank letter mentions the nature of accounts held by an international student or their sponsor. These letters are issued by banks. A bank letter includes important information, such as the name of the person who holds the account, their outstanding balance, type of account (savings, joint or current) they hold, and more.
In a nutshell, all universities require international students to submit an extensive list of documentation. Going through the entire admission process and gathering documents can be a bit overwhelming.
That is why, you need to contact a student counseling organization, such as iSchoolConnect. From helping you choose the perfect university to finding accommodation abroad, iSchoolConnect works with international students to ensure the whole admission process is smooth and stress-free. If you have any queries, contact us on our website and learn more.
You can also get more study abroad details about choosing the right university, how to manage funds for studying abroad, all about the tests for studying abroad, everything about getting your Visa, and so much more!