Study in US: Want to study in America, what should be the bank balance for student visa? Know here

US Study Visa for Indians: Most of the students of India dream of completing their higher education abroad, but sometimes due to their financial condition and sometimes due to lack of information, they are unable to apply in these foreign colleges. Even abroad, their first choice is America, but for the Indian students applying for higher education here, getting a student visa is a challenging task. The most important thing in the process of getting a visa is the student’s bank balance.

While applying for a visa to study in the US, students have to prove that they have sufficient financial resources so that they can handle their studies and living expenses without any difficulty. So let’s know how much money you should have in your bank account for a US student visa?

How much bank balance should I have for student visa?

There is no set minimum balance for an F-1 student visa in the US, but a student must prove that he/she or she has enough money to cover at least the first year’s expenses before applying for a visa. This information has to be provided on the I-20 form before the student applies for a visa. This form gives an estimate of your tuition fees and other living expenses.

However, experts say that a student should have at least Rs 8,33,510 (10 thousand dollars) or 1.5 times the expenses mentioned on his/her I-20 form, but this is just a general starting point. The most important thing is that the student has to prove that he/she can cover his/her tuition fees and living expenses while staying in America.

What are the necessary documents a student must have?

You will need several documents to prove your funds. These documents include bank statements, scholarship letters, loan acceptance documents if you have taken a loan, and sponsor letters. All these documents will help you prove that you have enough money to stay in the US.

Financial planning is very important

Students should plan their finances before studying in the US. They should decide from which sources they will fund their studies—whether they will rely on scholarships, receive help from family, or use their savings. It is also important that students make a detailed estimate of all their potential expenses, including tuition fees, living expenses, food, transportation, and health insurance.

Importance of Bank Balance

Adequate bank balance for student visa is not just a formality but it is a proof of financial stability of the students. It protects students from financial difficulties while studying in the US. Visa officers want to ensure that students are not under additional financial pressure to work during their studies.