Financial Proof: What International Students Need For University

International students often have to pay for their tuition and living expenses out of pocket, as they are ineligible for federal financial aid in many countries. As such, universities usually ask for proof of financial ability or resources when assessing applications from international students. This can include demonstrating the ability to pay for one year of academic and living expenses, and each university has its own policies on what documents are sufficient to prove financial ability.

Currency conversion

International students are often required to prove their financial ability to cover tuition and living expenses before being accepted to universities. While the specific requirements vary across institutions and countries, there are some common themes in the types of financial proof requested.

When it comes to currency conversion, most universities accept proof of financial ability in any currency. They utilise currency conversion tools to ensure that the amount provided in foreign currency meets or exceeds their minimum requirements, usually stated in the local currency. For instance, Maryville College in the United States provides a link to a currency converter (xe.com/currencyconverter) to help international students determine the US dollar equivalent of their funds. Similarly, Oxford Brookes University in the United Kingdom instructs applicants to use the OANDA currency converter, the same tool used by the UK Visa and Immigration (UKVI) department. However, for specific currencies like the Syrian Pound or Iranian Rial, the FCDO Consular Exchange Rate (CER) must be applied instead of OANDA.

Types of Financial Proof

The types of financial proof accepted vary among universities. Here are some common examples:

• Bank statements: Many institutions accept bank statements as proof of financial ability. These statements can be in the name of the student or their parents/legal guardians, demonstrating that the required funds are readily available.
• Loans: Some universities accept educational loan schemes as proof, provided that the loan is in the student's name and that there are no conditions on the release of funds other than a successful student visa application. A letter from a regulated financial institution is usually required, confirming the loan details and the availability of funds.
• Investments: Certain universities allow proof of property, mutual funds, annuities, or other investments to demonstrate financial ability. However, the accepted types of investments vary across institutions. For example, Indiana University—Bloomington accepts investment statements, but they must show proof of liquidity and cash surrender value.
• Scholarships: International students who have secured scholarships from their home country or the university itself can often use this as proof of financial ability.
• Government funding: In some cases, international students may receive government funding from their home country to pursue degrees abroad. This can be considered as proof of financial resources.
• Employment: A letter from an employer on official letterhead, indicating the annual salary, can be used as evidence of financial ability by some universities.

Affidavit of support

International students are generally required to provide proof of financial ability to cover tuition and living expenses. While the specific requirements vary across institutions, an affidavit of support is often requested as part of the student visa application process. This document serves as evidence that the student has financial support from their family or sponsors during their studies.

An affidavit of support is typically written on letterhead or submitted through a form provided by the educational institution. It outlines the financial commitment of the sponsor, who is usually a family member such as a parent or spouse. Along with the affidavit, proof of the relationship between the sponsor and the applicant is required, which can be in the form of birth certificates, marriage certificates, or other relevant documents.

The sponsor's income and financial stability are crucial aspects of the affidavit of support. Sponsors are often required to provide bank statements, income tax returns, or other financial documents demonstrating their ability to meet the financial requirements of the student's education. This may include proof of liquid assets, savings, or investments, depending on the institution's criteria. Some universities may also accept letters from employers showing the annual salary of the student or their sponsors.

It is important to note that the income requirements for an affidavit of support can vary depending on the country, the duration of the student's stay, and the specific institution. For example, the University of Michigan School of Social Work requires international applicants to submit an Affidavit of Financial Support, certifying a minimum of $183,358 (USD) for four full-time terms of study, exclusive of travel expenses.

While international students are generally ineligible for federal financial aid in the United States, many colleges offer substantial financial aid packages, grants, and scholarships specifically for international students. These opportunities are often merit-based rather than need-based, and the availability and amount of aid can vary significantly between institutions.

Scholarships and financial aid

International students often have to dip into their savings or take out loans to fund their education, especially if they are not personally wealthy. International students are also not eligible for federal or state aid and usually have to pay out of pocket. However, there are still options available, including grants and scholarships.

To apply for financial aid, international students may be required to fill out the International Student Financial Aid Application (ISFAA) or the CSS Profile, which is used by private colleges. Some universities may also have their own forms. In rare cases, a school may require international students to fill out the Free Application for Federal Student Aid (FAFSA). However, a Social Security number is required to fill out the online FAFSA, so the form would have to be submitted on paper.

International students can also consider scholarships to help fund their studies. For example, the Aga Khan Foundation International Scholarship provides scholarships to students from select developing countries who have no other source of financial help for their graduate studies. The American Association of University Women also offers fellowships for non-American women seeking a Master's or doctorate in the USA. Priority is given to women who demonstrate a commitment to advancing women and girls. The Civil Society Leadership Awards offer full scholarships for Master's students from specific countries dedicated to fostering social change.

Additionally, some universities offer substantial financial aid packages to international students. For instance, Vassar College in New York awarded an average of $86,258 in financial aid per international student during the 2023-2024 academic year. The Citadel, The Military College of South Carolina, also stands out for awarding an average of $40,500 to nine international students during the same period.

It is important to note that each university has its own policies and requirements for financial proof and financial aid. While some schools may be need-blind for US citizens, they may be need-aware for international students. Therefore, international students should carefully review the requirements and options available at their prospective universities.

University-specific requirements

University of Washington—Tacoma

The University of Washington—Tacoma does not accept tax records, pay stubs, compensation letters, stocks, bonds, or proof of property ownership as valid proof of financial resources. They calculate the average cost of attendance for one year, including tuition and living costs, and expect students to demonstrate the ability to meet these costs.

University of South Dakota

The University of South Dakota requires students to show financial ability in the form of liquid assets to be eligible for a Form I-20. While most students use private family funds in savings or checking accounts, the university has seen an increase in graduate students using international student-specific loan companies.

Indiana University—Bloomington

Indiana University—Bloomington accepts investment statements as proof of financial ability, but the documents must show clear proof of the funds' liquidity and cash surrender value.

Howard University, Washington, D.C.

Howard University offers merit-based aid through Howard University Freshman Scholarships for first-time international students. However, these students are not eligible for need-based aid until their second year of enrollment.

Vassar College, New York

Vassar College, a private liberal arts school in New York, awarded the largest average amount of financial aid per international student, at $86,258 during the 2023-2024 academic year.

The Citadel, The Military College of South Carolina

The Citadel, a public college, awarded an average of about $40,500 in aid to international students during the 2023-2024 academic year, the highest average amount among public schools.

Arizona State University

While Arizona State University offered a lower average amount of aid, it provided aid to 2,985 international students during the 2023-2024 academic year, the most of any public or private institution that provided data.

It is important to note that the requirements and opportunities for financial aid vary widely among universities, and international students should carefully review the specific requirements and options available at their universities of interest.

Liquid assets

International students are often required to prove their financial ability to cover tuition and living expenses before being accepted to a university. This is a concern for admissions institutions, as they want to ensure the authenticity of the financial documents provided. While the requirements vary by university, liquid assets are a common way for international students to demonstrate financial ability.

To demonstrate financial ability, students may need to provide bank statements or other documents showing liquid assets. Some universities may require multiple months of bank statements, while others may not have any specific requirements regarding the age of the bank statement. Additionally, students may need to provide evidence of the source of the liquid funds, such as savings from employment or gifts from parents. It is important to note that borrowed money from friends or other students is typically not accepted as valid funding.

The requirements for liquid assets can vary depending on the university and its location. For example, Indiana University—Bloomington accepts investment statements as proof of liquid assets, but the submitted documents must show clear proof of the funds' liquidity and cash surrender value. On the other hand, the University of Washington—Tacoma does not accept tax records, pay stubs, compensation letters, stocks, bonds, or proof of property ownership as valid proof of financial resources.

It is essential for international students to carefully review the specific requirements of their desired universities and provide the necessary documentation to demonstrate their financial ability.

Frequently asked questions