Introduction:
The main objective of proof of funds is to keep the students out of financial misery while their studies continue in a foreign land. It is a win-win tool for both the student and the hosting country. Many leading study destinations require proof of funds to grant visas to students. The basic calculation of the amount is:
1 year Living Cost + 1 year Tuition Fees = Total Amount of fund to show,
Let’s suppose, you are planning to study in the USA, the tuition fee is $18,000 and the living cost is $12,000. So here, the amount for funds to show is $30,000. It is always better if you show an additional amount of Rs $3,000 to $5,000 along with the Tuition fee and Living cost.
We at Satguru Overseas Education have analyzed the financial requirements in detail.
Analysis of Proof of Funds:
- United States of America – The required proof of fund is around 40,000 USD. It may go up to 80,000 USD or higher. It depends on the first-year tuition fee and living expenses.
- United Kingdom – The required proof of funds for institutes inside London is £28,000 annually. And the required fund is around £22,500 per year for courses outside of London. The amounts are subject to changes depending on the relevant tuition fees.
- Canada – The requirement for proof of funds is around 39,000 Canadian Dollars for those seeking admission to universities in Canada. This amount is also subject to changes depending on living expenses inside Canada.
- Australia – Australia is a top-rated study destination amongst international students. Over the years the Australian administration has increased the cap for fund requirements. The proof of fund amount is around 65,000 Australian Dollars per year. It may rise to 75,000 Australian Dollars per year.
- New Zealand – Over the years New Zealand has become a very popular study destination, particularly for students of medicine and management studies. The proof of fund requirement is on the higher side. The required proof of funds varies between 45,000 to 68,000 New Zealand dollars.
Required Documents to Show the Proof of Funds:
There are four major ways by which you can demonstrate your proof of funds.
- Bank Statement: Your bank account should have the required funds in it. This fund should be independent of other financial tools.
- Scholarships: Scholarship or grant documents can be produced to prove the said criteria. There would be a verification process put in place.
- Sponsorship: The Bank statement of your sponsor is a very important document to prove the fund’s availability.
- Education Loans: Loan approval letter stating the amount can be considered for proof of funds purposes.
Conclusions:
With rapid globalization, the financial requirements and proof of funds have doubled in a decade. One should always be very careful with the necessary financial documents while applying for a student visa to above-mentioned study destinations. To guide the students on this complicated matter we at Satguru Overseas Education have in-house experts. To find out more please visit https://soegis.com/.
