The Minimum Required Funds for International Students on Study Permit Applications
As an international student planning to study in the United States, one of the most critical aspects of your application is the demonstration of financial capability. This is often evaluated through the collection of substantial funds and the completion of the I-20 form, which outlines the financial requirements specific to your chosen institution. Understanding the minimum amount of money required can be quite complex, as it varies widely between colleges and universities.
Understanding Financial Requirements for Study Permits
The amount of money you need to show on your study permit application can significantly impact your chances of approval. It is crucial to understand that this amount varies by college and is typically detailed in the I-20 form issued by your chosen institution. While some less expensive schools may require a lower amount, elite colleges or well-regarded public universities requiring out-of-state or international students to cover tuition and living costs on their own can be much costlier.
Cost Estimates for Different Types of Colleges
The I-20 form provides a detailed breakdown of the financial requirements, including tuition, room and board, and medical insurance for the duration of your studies. Generally, for a four-year program, the following costs are often expected:
Inexpensive and Relatively Unknown Schools: Around $130,000 for four years of tuition and living expenses. Typical Universities: Approximately $200,000 (approximately $50,000 per year) for four years. Elite Colleges or Well-Regarded Public Flagships: Between $260,000 and $360,000 (approximately $65,000 to $90,000 per year) for four years.These estimates reflect the cost ‘all-in’ for each academic year, which includes tuition, room and board, and medical insurance.
Steps to Ensure Compliance with Financial Requirements
To ensure you meet the financial requirements for your study permit, you will need to take several steps:
Acceptance by a SEVP-Certified Institution: Before submitting your visa application, you must be accepted by a school that is SEVP-certified. This means the institution is authorized by ICE to enroll international students. Most universities and community colleges in the United States are included in this list. I-20 Form Issuance: Once you have committed to attending a SEVP-certified institution, the school will issue you an I-20 form. This document specifies the exact amounts of money you need for tuition, room and board, and medical insurance for that specific institution. SEVIS Fee: Pay the SEVIS (Student and Exchange Visitor Information System) fee, which is approximately $350. This fee is required to ensure your institutional record on the SEVIS system is updated. DS-160 Visa Application: Complete the DS-160 online application, which is the electronic application for your U.S. visa. Schedule and Attend Visa Interview: Schedule and attend your visa interview. During the interview, you will be asked to provide proof of having the necessary funds for one year's tuition, room and board, and medical insurance, as stated on your I-20 form.Example of I-20 Form Requirements
To give you a clearer picture, here’s an example of an I-20 form from Tufts University. This form illustrates the financial requirements for a student, including tuition, room and board, and medical insurance, which are typically detailed on the specific I-20 form issued by each university.
Summary: Ensuring you have the necessary funds and completing the I-20 form accurately and on time is crucial for a successful study permit application. Every step, from acceptance to the interview, requires strict adherence to the financial guidelines set by your chosen institution. By taking the necessary steps, you can effectively demonstrate your financial capability and increase your chances of approval for a student visa.