How Much Bank Balance Required for USA Student Visa in 2024?

In this section, we have discussed the different types of USA student visas that are available. Then, we will move forward and learn how much bank balance is needed.

The F, J, and M are the three primary categories of US student visas. As of April 29, 2024, each will have a separate visa cost and have distinct educational goals. Let’s learn about them in detail:

• Objective: Ideal for strong English language programs or full-time academic studies at recognised colleges or institutions.

• Latest Modifications: The F visa category has not undergone any significant changes recently. Nonetheless, it is a good idea to regularly check the US Department of State website for any changes.

• Visa Fee: The current SEVIS or Student and Exchange Visitor Information System fee for F visas is ₹29,000. In addition, the visa application fee, which usually costs about ₹13k, must be paid.

• Objective: Ideal for learners enrolled in non-academic or vocational training programs like culinary arts, cosmetology, or aviation.

• Latest Modifications: Certain M visa categories have changed, much as J visa categories. Thus, make sure to verify any modifications with your program provider.

• Visa Fee: The SEVIS fee for M visas is currently $350 (INR 29359), and the visa application fee is $185 (INR 15505).

• Objective: This is intended for people participating in exchange programs supported by the government that encourage cross-cultural interaction. These programs can involve studies in high school, college, or internships.

• Latest Modifications: Regulations regarding J visas may vary depending on the particular program sponsor. Therefore, make sure to check with your program organiser for the most recent requirements.

• Visa Fee: Normally, the program category determines the SEVIS charge for J visas. However, it usually falls between ₹15k and ₹18k. Further, the visa application fee is still about ₹14,000.

The USA government does not specify how much money one should have in their back account, and the US focuses more on one's ability to pay for expenses than other nations. However, it is recommended to have at least ₹8,33,510 (based on an exchange rate of ₹83.35 per US dollar), or 1.5 times one's I-20 fees. The key is to show that you can afford to live and study in the USA.

Proving that you have sufficient cash for the duration of your studies, as stated on your I-20 form (Certificate of Eligibility for Nonimmigrant Student Status), is crucial. Thus, many colleges and embassies advise having enough money to cover at least the first year's expenses mentioned on your I-20; however, no minimum amount is required.

No minimum bank balance is required when submitting an F-1 visa application in the United States. Generally, you should aim to have at least $10,000 USD in your bank account, which should be visible in your 6 to 9-month bank statement for the visa.

Different yet connected to studying in the United States are the I-20 and F1 visas. Even though the I-20 is a paper document that must be submitted with an application for an F1 visa, the following are its features and the steps involved in completing the I-20 process:

Students who want to study in the USA must show that they have enough money to pay for their tuition fees, living expenses, and other charges while they are there. This can be done by applying for an I-20 form as part of the visa application process. The following list of valid financial documents can be used to prove one's financial management:

Sponsors are people who are willing to give you financial support to study in the United States. Sponsors are typically relatives, such as parents, grandparents, or siblings. It may also be possible to combine contributions from other relatives to reach the necessary financial resources.

The US Department of State does not put any geographic limitations on the location of your F-1 visa sponsor, despite the fact that specific sources may indicate a desire for sponsors to be citizens of your native nation. Below are the points that your sponsor should take into consideration:

• Strong Ties to Home Country

The aim is to showcase a dependable and long-lasting financial aid program for your education. Your sponsor's connections to their native nation (through work, property ownership, etc.) may strengthen this component.

• Financial Stability

Your sponsor must show that they have the financial wherewithal to pay for your full first year of schooling and, if desired, the duration of the program. Documentation such as a bank statement for visa, tax returns, or employment verification letters, including information about income, should be provided.

We have discussed and considered the points that matter to your sponsor. Now, check the criteria for selecting your sponsor.

Here is a list of general documents you'll need to submit for a student visa which are:

• The latest passport that is valid up to 6 months after you have visited the USA.

• Acceptance to a school authorised by SEVP and payment of the SEVIS Form I-20 application fee

• Application for non-immigrant visa and confirmation page for Form DS-160

• Your photograph in the requested format and the number that you've provided

• In addition to submitting Form I-20 to USCIS, you must apply for an (EDA) Employment Authorization Document if you choose to participate in Optional Practical Training (OPT).

Some other additional documents that are required:

• Documents related to academic preparation, such as transcripts, degrees, certifications, or diplomas

• Proof that you have enough money to cover your living expenses for the duration of your visit to the United States. This could consist of

1. Financial commitment from a sponsor to pay for your living expenses and accommodations

2. Bank statements

3. A scholarship program

• You must provide proof that you will depart from the US after you finish the course of study. This could be a plane ticket from the US to your nation of origin.

• Follow Instructions Carefully: Carefully read the application instructions and meet all deadlines and documentation criteria. A thorough and error-free application creates a good first impression.

• Financial Proof: Carefully record your financial situation to show that you can afford your living expenses and tuition. Essential documents are sponsor documents, bank statements, and scholarship letters.

• Practice: Practice possible interview questions and responses to help you prepare for your USA visa interview. Talk with assurance and sincerity about your intentions.

• Strong Academic Credentials: Provide a solid academic record with excellent marks and, if needed, the results of standardised examinations to show that you are prepared to study in the United States.

• Genuine Educational Plans: Clearly state your objectives for your US education. Describe how the program you chose fits your goals for your future job.

• Dress Professionally: Present a polished image during the interview. Dress well and arrive on time to show respect and seriousness.

• Clear Ties to Home Country: Remind the immigration officer that you will return home after your education and have close ties to your native country. Property ownership, job opportunities, or family ties might make a convincing case.

• Truthful and Consistent Information: Ensure all the information you submit is true and consistent throughout the application process. Inconsistencies may cause suspicion and result in rejection.

To sum up, Indian students who want to study in the US should be aware that they must know the minimum bank balance needed for a US student visa to prove to the visa authorities that they are financially stable. Familiarise yourself with this blog's documentation and financial requirements-related information to enhance your chances of being eligible for a US student visa.

We hope you enjoyed reading the blog and gained complete information regarding how much bank balance required for USA student visa in 2024. However, if you have doubts about the same or want to study in USA, contact our expert counsellors at Meridean Overseas Education Consultants (MOEC). You can also get free video counselling through our website. Our expert counsellors will provide you with the best support and guidance you need for admission and visa. In addition, they will help you shortlist the universities according to your profile. For more information or any queries, contact application02@meridean.org or 1800-1230-00011.

Question: Can I work in the US while on a student visa?

Answer: Yes, during the academic year, students holding an F-1 visa are eligible for on-campus work up to 20 hours weekly during the summer, but this limit has been increased to 40. Off-campus employment, however, requires extra authorisation.

Question: Can fixed deposits be used as evidence of funds?

Answer: Yes, fixed deposits are valid evidence of funds. You should check the set deposit amount and any pertinent bank documentation.

Question: Does obtaining a US student visa require a certain minimum bank balance?

Answer: The US government doesn't set just one number. Rather, it determines whether you have sufficient funds to pay for your academic experience in the United States. This includes expected living expenditures for the duration of the program and tuition fees for the full term. Living expenses differ significantly according to location, kind of housing, and lifestyle preferences.

Question: Which documents can be used as evidence of funds?

Answer: Recent bank statements, letters of prize or scholarship acceptance, loan approval paperwork, letters of sponsorship from employers or the government, income authentication, and proofs of deposit are all acceptable forms of evidence of finances.

Question: Can financial aid or scholarships assist in meeting the requirements?

Answer: Yes! Financial aid and scholarships drastically lower the quantity of money you have to show in your bank account. Provide certified records of any financial help or scholarships you have been awarded. The amount granted and how it will be applied to your educational costs should be clearly stated in these documents.

Question: What kind of bank statements should I submit?

Answer: To support your visa application, you must provide certified bank statements, ideally from the last six to nine months. These statements, which you should get straight from the bank (originals), should come from your primary account, where you plan to keep the funds for your schooling. Be sure to obtain certified translations if the statements are not in English. This will display your account activity, balance, and financial capacity to pay for your education.

Question: Can a student visa holder go outside of the United States?

Answer: You can travel outside the US while on a student visa, but to enter the country again, you must show that your passport is still valid. Before you depart the US, you might also need to get a travel signature from your school's Designated School Official (DSO).

Question: Does the I-20 amount cover the cost of a visa?

Answer: You must present the I-20 visa proof of funds, which is a minimum bank balance for at least one year's worth of tuition and living expenses for a US student visa, in addition to the I-20 amount.

Question: What is the Required Bank Balance for US Visa?

Answer: A USA student visa does not have a set minimum bank balance requirement. On your I-20 form, however, you must indicate that you have enough money to pay for the expected cost of living and tuition for at least the first year. Your bank statements should ideally show that you have enough money to pay for living expenses and tuition for at least a full year.

Question: Can I fulfil the financial requirements by taking up loans?

Answer: Yes, you may be able to pay for your school with student loans. However, you would require a letter from your bank specifying the repayment terms and verifying your eligibility for the loan amount. This covers the total authorised loan amount and the precise way your educational costs will be paid. The letter should clarify the interest rate, monthly payment amount, and total loan repayment duration.