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Financial documents for i20 | Proof of funds | PhD, Masters & Undergrad in USA - YouTube
Channel: WeDesified
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hey all i am Apurva and welcome back to WeDesified聽
this is our 11th video in the study in the usa聽聽
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series in this video we will talk about how to聽
get your i-20 breakdown of financial documents聽聽
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for bachelor's master's or a phd student and聽
discuss how to show those funds to get your i-20聽聽
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so let's get to it but before that聽
please subscribe to our channel and聽聽
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also hit the bell icon so that you will be聽
notified every time you upload a new video聽聽
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in our last video we talked about the application聽
timeline step by step in detail until you send聽聽
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your application packet to your college and聽
submit your application online on their portal聽聽
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after that you wait until you get a reply from聽
them some colleges wait until they receive all聽聽
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the applications and send the admits all at once聽
but most colleges do the rolling admits that means聽聽
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based on your application date you will receive聽
a response within a few weeks if you receive a聽聽
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rejection don't worry about it we will make a聽
video on the next steps in the case of rejection聽聽
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but for the context of this video let's talk about聽
the colleges that granted your admission along聽聽
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with the admission letter colleges usually send聽
you their portal details for incoming students聽聽
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these portals generally have a master checklist聽
of what you need to do after your admission like聽聽
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any missing transcripts you may need to upload or聽
update your local mailing address and upload your聽聽
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financial documentation to get your i-20 financial聽
documentation is the key to get your i-20聽聽
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you need to prove to your college that you are聽
financially capable to afford your tuition fee聽聽
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and living expenses the visa officer verifies聽
your sources of funds at the visa interview聽聽
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still it is also the responsibility of the聽
universities to make sure you have enough聽聽
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funds to support your education colleges provide聽
an estimate of expenses for a year including聽聽
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tuition fees insurance books and supplies and聽
living expenses also known as the i-20 amount聽聽
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this estimate is mostly inflated to cover the聽
maximum expenditure and you would most likely聽聽
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not spend that much money but you still need to聽
show proofs that you can afford that expenditure聽聽
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if you have an independent coming with you聽
like a spouse or a kid then this amount will聽聽
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increase accordingly people say you need to聽
show one and a half times or two times of the聽聽
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i-20 amount for the visa but to get the i-20 you聽
could show just a little over the given estimate聽聽
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the estimate changes with your department and聽
degree program so make sure you get the right聽聽
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amount you could get this amount from their聽
admissions website or you can even email聽聽
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their international office as shown here聽
this sample estimate includes tuition fees聽聽
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based on the average number of credits per year聽
books and supplies health insurance and living聽聽
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expenses i20 mentions only 9 months expenses so聽
you don't have to worry about this 12 months cost聽聽
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this is a sample breakdown for graduate programs聽
books and supplies and living expenses are quoted聽聽
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at higher prices you would usually end up聽
spending only about half of it if you are聽聽
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staying off campus and sharing with other students聽
if you get any scholarship you could reduce that聽聽
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amount from the estimate and show the proof of聽
funds for the remaining amount this is advantages聽聽
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for the students who got a full fee waiver or聽
for phd students if you got a full fee waiver聽聽
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you only need to show funds for your living聽
expenses or if you are a phd student with a聽聽
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full free waiver and a stipend like me you don't聽
need to show any financial documentation since聽聽
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the stipend covers your living expenses and the聽
university provides you health insurance as well聽聽
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so i wasn't required to submit any financial聽
documentation and they sent me the i-20 along聽聽
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with the admission letter itself perks of being聽
a phd student what can you show as proof of funds聽聽
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the fund should be something that is easily聽
available for you whenever you need them聽聽
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one of the common types of funds is the money聽
in your savings account if you have the required聽聽
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amount of money in your bank account you can get聽
a balance certificate and submit it to the college聽聽
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but the i20 amount is usually high like around聽
35 to 40 000 dollars which are roughly 25 to聽聽
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30 lakhs in indian rupees and many of us don't聽
have that much amount in one savings account聽聽
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in that case what most people do is they聽
gather money from friends and family members聽聽
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and deposit the amount in their account for a聽
few days and get the balance certificate from the聽聽
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bank and disburse the money remember the balance聽
certificate is different from your bank statement聽聽
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it only says on so and so date the account holder聽
has this much amount of money in their account聽聽
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so you don't have to worry about how you are聽
depositing the money or how long you are keeping聽聽
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it in the account you are good as long as you are聽
getting the certificate for the required amount聽聽
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you don't have to show all the amount聽
in one bank account too you can submit聽聽
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multiple balance certificate as long as they聽
belong to your sponsor or one of your sponsors聽聽
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you can also have multiple sponsors but apart聽
from your personal funds you need to submit an聽聽
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affidavit of support for each sponsor even if聽
they are your parents some colleges ask for a聽聽
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notarized affidavit that looks like this but some聽
just ask you to fill a form and get it signed聽聽
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so check what your college requires you can聽
also show a loan sanction letter as a proof聽聽
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of funds if you can get one in time but most聽
banks need i-20 to approve your education loans聽聽
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so it may not be possible to get an education loan聽
sanction before you get your i-20 especially if聽聽
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you go to a nationalized bank like sbi or pnb but聽
some private banks or institutions like the hdfc聽聽
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credella or advance might be able to help you聽
with this they usually have a list of credible聽聽
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universities and can provide a sanctioned letter聽
even before the i-20 with some minimal charge聽聽
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and you can go to other banks as well to get your聽
actual loan after you get your i-20 if you feel聽聽
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that interest rates or conditions are high so you聽
can explore this option as well you could also聽聽
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show money in your fts but those should be readily聽
available for you to withdraw whenever you need聽聽
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you can submit this financial documentation on the聽
portal or to get your i20 faster you can even send聽聽
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them along with your application packet itself if聽
you know the estimated amount while applying so聽聽
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that's all we have for today in the next video聽
we will talk about form i20 the information it聽聽
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contains and some of the common mistakes you聽
should avoid please let us know if you have聽聽
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any questions in the comments box below we will聽
reply and make videos answering all your questions聽聽
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please like share and subscribe to our聽
channel until next time keep learning bye
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