A major part of your international education journey is funding. After securing your admission to your desired institution, you’d need to apply for a student visa.
During your student visa application, there are specific financial documents that may be required by the embassy of your study destination. These documents are required to prove your finances can cover the cost of your tuition and living expenses during your study. The documents required could vary with the circumstances of your admission and the study destination.
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Financial documents that are accepted for student visa application
Your evidence of financial capacity will show the visa officer that you can cover the cost of your study abroad. This will increase your chances of getting your student visa application approved.
Here are the most common financial documents accepted during student visa application:
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Bank statements
Students will be required to submit their bank statements or that of their sponsor covering a specific period. The bank statement should demonstrate your financial capacity to fund your programme. Generally, students are required to present a six-month bank statement. However, this will vary with the study destination, as some embassies could require a shorter or longer tenure of your bank statement.
Ensure the bank statements you’re presenting are in the right format and belong to someone the embassy qualifies as a sponsor. For example, if the embassy accepts only bank statements from a parent or a spouse, then you should present accordingly.
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Official loan letters
Evidence of loan approval can be presented as proof of financial capacity during your student visa application. The loan approval letter should specify the name of the student, the amount available as a loan and any other detail specified by the embassy.
Keep in mind that the financial institution issuing the loan must be regulated by the official regulatory body of the country. The loan provider must duly stamp and sign the letter of approval.
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Scholarship letters
During student visa applications, students who plan to fund their studies with a scholarship will have to present evidence of the scholarship award. Scholarship letters can serve as proof of financial capacity. The scholarship letter will be provided by the institution offering the award. In cases where the scholarship only offers partial funding, the student must prove that they can fund the remaining costs.
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Letter of sponsorship
If your international education will be funded by a sponsor, an institution or the government, you can provide a letter of sponsorship as proof of financial capacity during your student visa application. The letter must indicate how much the sponsorship covers. If the sponsorship doesn’t cover the entire cost of your education, you would need to show you have the balance. Different countries have specific conditions for letters of sponsorship. In some countries, your sponsor has to be a resident of that country, while in other countries, only a direct relative or your spouse can identify as a sponsor.
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Certificate of Deposit
A certificate of deposit can also be used as proof of financial capacity during your student visa application. In the UK, a certificate of deposit can be accepted if it was issued at least 28 days after the date of deposit. The certificate of deposit should include your name (or your parent’s name) as well as the amount available in the account.
