How Much Bank Balance Is Required For US Student Visa?

Introduction

The USA is one of the top abroad education destinations for international students. The States is home to some of the world’s top-ranking institutes, including Harvard University; the University of California, Berkeley; the University of Pennsylvania; Stanford University; Northwestern University; etc. Each of these universities in the US is known for its finest education in fields like Engineering, Business and Management Studies, Computer Science, Medicine, and so on. An educational background in the US is highly valued worldwide and increases a candidate’s value when applying for jobs. There are numerous Overseas Education Consultants for USA who can help aspiring students get admission to their dream universities in the USA. However, the cost of living in the US is relatively high, and students need to consider several other financial aspects before making a final call.

This section explains the breakdown of the cost of living in the US and the approximate bank balance required to apply for a US student visa. Read on to learn more.

Cost Of Living In The US

As mentioned earlier, students need to consider all the financial aspects before leaving for their education in the US. The courses offered at US-based universities are considerably longer than in the UK. The Bachelor’s Degree programs in the US extend up to 4 years, and the Master’s Degree courses up to 2 years. Therefore, students must have enough funds to meet the requirements for living and studying in the country. Furthermore, the universities in the US have varying tuition fees and other expenses.

International students’ cost of living in the USA depends on factors like city, course fees, food and clothing expenses, study materials, transportation, etc. The accommodation costs in the US range from around $150 to $200 per month, with electricity costs from $20 to $40. Food and grocery expenses range from $ 150 to $ 200, while other entertainment activities cost $80 to $100.

Thus, the average cost of living in the USA for the international students ranges around $10,000 to $18,000 per year, while the monthly expenditure ranges around $1000 to $1500.

Bank Balance Required For US Student Visa

There is no minimum bank balance to apply for a US student visa. However, it is suggested that one have $10,000 or above to get the F-1 Visa. The F-1 Visa allows students to live in the United States for a specific period while studying in any US-based educational institution. The F-1 Visa costs approximately about $510 per application.

For international students, the Visa sponsors can be parents, relatives, or a combination of both. However, it is suggested that the students show their sponsors based anywhere overseas but not in the USA.

The students must provide several documents to apply for the I-20 Visa. The US-based universities and embassies accept liquid cash as the financial documents for I-20 Visa. The documents required for the I-20 Visa include a Fixed Deposits receipt attested by the bank; the Savings Bank Statement for F-1 Visa with the balance certificate attested by the bank; a PF or PPF Passbook or the Bank Statement for the US student visa; and the Property papers. However, in case the students do not have liquid cash in the above-mentioned formats, they can choose a Loan Letter or a Solvency Letter.

After providing all the documents mentioned above in the correct format, students can easily get a US study visa and make preparations for joining their course in the USA. The highly efficient Study in USA Consultants in Chandigarh dedicatedly work to help students achieve their dream of studying in the USA. These consultants are highly knowledgeable and help students in every step of their education abroad.

Conclusion

To sum up, higher education in the USA is a lucrative opportunity for every student. The universities in the USA offer the finest courses in Engineering, Business and Management Studies, Computer Science, Medicine, and so on. Therefore, an education degree from one of the USA’s renowned universities will significantly boost a student’s career. However, living and studying in the USA requires a lot of finances. The average cost of living in the USA for the international students ranges around $10,000 to $18,000 per year, while the monthly expenditure ranges around $1000 to $1500. In addition, the students need to consider other factors like the city they choose to live in, accommodation costs, food and clothing expenses, transportation costs, tuition fees at the university, costs for other activities and entertainment, etc. To apply for the F-1 Visa, one must have $10,000 or above. For international students, the Visa sponsors can be parents, relatives, or a combination of both, and they must be settled outside the US. For the I-20 Visa, the students need to provide several documents like a Fixed Deposits receipt attested by the bank; the Savings Bank Statement for F-1 Visa with the balance certificate attested by the bank; a PF or PPF Passbook or the Bank Statement for the US student visa; and the Property papers.