Federal visa laws require that F-1 international students must certify and declare that they have sufficient funds to cover the cost of tuition, books, room and board, personal expenses, and health insurance for at least one academic year. For a detailed breakdown of costs, please click here.
For the 2014-2015 academic year, a single student will need at least $20,481.00 (subject to change) per year to cover academic and living expenses. This statement must be on file before admission will be considered.
In addition to declaring the availability of funds on this page, you must attach an official bank statement as proof and include an Affidavit of Financial Support from your sponsor (see page 5 of the International Student Application). The Affidavit and bank statement must both bear the name of the sponsor. It may be necessary to provide additional documentation to prove your financial support. Documents must be dated within six (6) months of the term you plan to enroll.
Funds may come from various sources, including government scholarships, sponsoring agencies, private companies, the student's own personal funds, or funds provided by the student's relatives. The sponsor can be located in the United States or overseas.
- Acceptable proof of sufficient funds include: Official award letters from a sponsoring institution (for example, Financial Guarantees from an Embassy); bank statements on official bank letterhead; bank letters signed by a bank official. All documentation must be in English and show at least the minimum required amount in U.S. dollars ($20,481). Letters stating a vague range such "funds in the five-figure range" are not acceptable. Acceptable financial sources may include checking or savings accounts, certificates of deposit, money market accounts, or other easily liquidated assets.
- Unacceptable proof include bank statements without an account holder name, web printouts without a bank logo, stamp or signature. Unacceptable financial sources are retirement accounts such as 401(k)s, stocks, bonds, pay advices or salary guarantees.