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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

Students require bank statement for Visa
Your bank account statements demonstrate that you have sufficient funds to sustain your stay in the foreign country

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.

3) Loan Approval

Loan approval letter as your proof of funds
Loan application and approval is a time-consuming process. Be sure to apply well in advance.

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

Bank managers providing bank letters as proof of finance for students
Students can acquire a bank letter by writing a straightforward application to the concerned Bank Manager

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!

About the author

A writer by day and a reader by night, Rashmi is a quirky cog, in the wheel that is iSchoolConnect. She spends her days writing intriguing and informative articles about all things Higher-Ed.

Comments

  1. Hey Rashmi,
    This blog is wonderful, wish I read this in the earliest. 🙂
    I have a question for you regarding “Financial Affidavit”.
    I’ve been offered admission in Rutgers University MS program for Spring 2020, and they mentioned about a financial affidavit like this.

    “You have been recommended for admission without financial support. F-1 visa holders are required to submit financial documentation of support. Year 1: send an original current dated bank statement showing U.S. $***** for the General Graduate School. Photocopies/facsimile documents are not accepted. Sponsors cannot be on F or J visas and must provide an original signed and dated affidavit, specifying annual funds committed. Each person whose name appears on the bank statement must sign the Certification of Funds or an Affidavit to avoid processing delays. All funds must be certified within 9 months of your start date. Documents are not returned; obtain additional sets for your needs. Year 2+: Each additional year requires approximate funds of $**** above the previous year. Sponsors must pledge support by signing the affidavit. If self-supporting, indicate sources of funds as personal and provide bank statement(s) for the entire length of study. Individual student living expenses vary, and tuition and fees are subject to change. Certified and projected funds are required before an I-20 can be issued. Send time-sensitive documents by express mail, if you wish express return (recommended) include a $** check or money order. For the financial documentation form, please go to gradstudy.rutgers.edu, click on forms library, and print the Financial Statement-Certification of Funds. Linda Costa, Email: smeds@rci.rutgers.edu

    Here what exactly is a Financial Affidavit and how do I get it?

    1. Hi Lapita,

      Thank you for the comment! Glad the blog helped. A Financial affidavit is essentially a letter from your sponsor to your university, guaranteeing their financial support for your education. I’ve replied to your question in depth over email. Hope the answer helps!

      If you have any further questions like this regarding studying abroad, you can just ask them at our Study abroad discussion forum! We’re always happy to help!

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