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Financial Proof for Your Application: Requirements, Sponsors, and Common Mistakes
Your financial documents should show that you have enough accessible funds to support your education and meet the school’s I-20 requirements.
Bank statements should generally be recent, with some schools requiring documents issued within 90 days of I-20 issuance. The funds should be liquid and available for use. Fixed deposits may not be accepted as liquid funds unless the school specifically allows them.
You may be able to use multiple bank accounts, including accounts held in a foreign currency. The school may convert the amount using its applicable exchange-rate requirements.
A sponsor may also provide financial support. In that case, the school may require the sponsor’s bank statement and a signed Affidavit of Support, along with information showing the sponsor’s relationship to you and the amount they will provide.
Do not assume that real estate, vehicles, stocks, or other non-liquid assets will satisfy the financial-proof requirement. Each university may have different rules regarding acceptable documents, required amounts, account types, and document dates. Always confirm the school’s specific requirements before submitting your financial proof.
Bank statements should generally be recent, with some schools requiring documents issued within 90 days of I-20 issuance. The funds should be liquid and available for use. Fixed deposits may not be accepted as liquid funds unless the school specifically allows them.
You may be able to use multiple bank accounts, including accounts held in a foreign currency. The school may convert the amount using its applicable exchange-rate requirements.
A sponsor may also provide financial support. In that case, the school may require the sponsor’s bank statement and a signed Affidavit of Support, along with information showing the sponsor’s relationship to you and the amount they will provide.
Do not assume that real estate, vehicles, stocks, or other non-liquid assets will satisfy the financial-proof requirement. Each university may have different rules regarding acceptable documents, required amounts, account types, and document dates. Always confirm the school’s specific requirements before submitting your financial proof.