All new F-1 students must have some sort of financial documentation to receive a Form I-20 (the document that shows you are eligible to apply for a visa). Oftentimes, students or their parents show the required funding. Some students have scholarships paid for either by the school or another organization. This post will focus on funding that is coming from outside of the school. It’s important to make sure you have acceptable documentation to submit to the international office so you can get your I-20 as soon as possible.
Financial documents typically need to have the following aspects included to be considered acceptable by an international office.
Currency specified–the currency that the funds are in should be clearly stated on the document. If the document states “Dollars” it needs to state which country’s dollars. There are many countries that use the term “dollar” as the name of their currency. It also is important for the international office to correctly determine the exchange rate to find the US dollar equivalency.
Dated within 6 months–A lot of things can happen in 6 months. The date is relevant because it shows that it is reasonable to assume the account holder can still access a similar amount of funds.
Liquid funds–liquid means money that can easily be converted to cash. This typically includes checking accounts and long and short-term savings accounts. (Some long-term savings accounts have a penalty for withdrawing the money early, but that is okay because the account holder is still able to withdraw the money.) Funds that are not considered liquid are typically property that would take time to sell and therefore would not be able to support the student immediately. Examples are ownership of a house, land, vehicles, businesses, etc.
Account owner specified–the international office needs to see who owns the account to make sure they are accounting correctly.
English language–if the document is not in English, then it is helpful if it is easily translatable, or a staff member in the international office can translate, or the document is officially translated into English. Depending on the document format, it can be too difficult for the international advisor to understand if all of the requirements of financial documentation are being met.
Bank letterhead–it’s typically important to show that the funds are being held in a legitimate financial institution which the account holder would reasonably be able to access. Depending on your circumstances, the international office may be able to accept documents from less formalized institutions.
The documents below are often (but not always or exclusively) considered acceptable financial documentation.
- Bank letters*
- Bank statements*
- Investment statements
- Certificates of Deposit
- Money Market accounts
- Scholarship confirmation letters
- Loan confirmation letters
The documents below are often not accepted:
- Credit card available balance
- Wage/salary statements
- Cryptocurrency
- Retirement accounts
- Life insurance policies
- Tax documents
- Deeds/titles of property ownership
*Check out examples of bank letter and a bank statement. The highlighted parts are important pieces of information that should be included.
This list may not include everything that is acceptable at all schools. I used the documents that I have accepted at various institutions. Check with the international office at the institution where you are admitted to find out any differences. Thanks for stopping by,
Sara