FINANCIAL PROOFING TO STUDY ABROAD IN US 2023

The financial proof is the leading cause of student visa failure. Proving finance to study in the US is not difficult, You can completely do it yourself if you know the regulations and know what the Embassy needs.

Why do you need to prove your finances to study in the US?

Proof of finance is your commitment to the US Embassy about your ability to pay tuition fees and living expenses for the duration of your studies.

In essence, the Embassy is especially wary of those who borrow the reason to study abroad to come to the US to work, so you need to show the Embassy that you come to the US only to study, not to quit school to work part-time. , did not attempt to immigrate or have any other intentions.

How much money do you need to prove your financial aid to study in the US?

This is a question without an exact answer because the Embassy does not give specific numbers. However, based on SunValues proven financial experience to successfully apply for a visa, you can rely on the following proven formula.

Amount of proof of financial support to study in the US = Study abroad expenses (1 year) + Living expenses (1 year).

From this figure you will need to prepare:

• Savings book balance = First-year study abroad expenses (minimum)
• Monthly income = Study abroad expenses for the first 1 year / 12 months (minimum)

What are the documents to prove the financial status of studying in the US?

Proof of finances to the Consulate is more than simply showing all your assets and savings. The problem here is the methodical, reasonable, and convincing proof for the consulate.

For example, if you have a savings book of 1 billion but your monthly income is only 10 million, the embassy will question the origin of the money in your passbook.

Financial documents for studying in the US include 2 parts: declaring the amount in the savings book and proving the monthly income of the applicant or the guardian. High-value assets such as cars, real estate, etc. should also be declared together to "beautify" the profile.

1. Passbook

The savings book has high liquidity, which can be withdrawn for immediate use, so it is considered a reputable security asset.

The balance in the book should be at least equal to the cost of studying and living in the US for the first year, ranging from $25,000 to $80,000 depending on the program and city you attend.

Profile includes:

• Certificate of bank savings book balance
• Copy of passbook
• Original passbook (bring it to be compared at the time of the interview)

Note:

• About the time to open the book, the embassy does not specify, but you should open the book at least 3 months before the interview time. The longer it takes to open the book, the more reputable it is, which also proves to the Embassy that this is your money, not a loan to deal with.
• The embassy does not ask to clarify the origin of the money in the passbook, but you should be prepared to answer this question during the visa interview. The money in the book should be maintained (not withdrawn) until all formalities are completed in the US because in some cases, the school will ask students to prove their finances again.

2. Proof of monthly income

Proof of the guarantors monthly income to ensure the familys ability to pay for the student in the following years of study because the amount in the savings book is only enough to cover expenses in the first year.

This source of income can come from salary, dividends, or business... and needs to be demonstrated by documents on a case-by-case basis:

The case of salaried employment

• Labor contract for more than 3 years (clearly stating the position, contract term, form of salary payment, working regime, bonus, benefits, contract appendix on salary increase, if any).
• Detailed declaration of payment of personal income tax (if any).
• Confirmation of payment of social insurance.

In case the owner of a company or business

• Business license  (a company established 3 years).
• Tax code certificate.
• Financial statements for the last 3 years.
• Corporate income tax report for the last 3 years.
• Detailed personal income tax return.
• Papers proving the companys proper functioning (such as transaction contracts, invoices, and receipts for payment to the State Treasury) and papers on capital contribution, shares, and dividends.

In the case of individual business households (such as farming, animal husbandry, small business, etc.)

• Business registration license or local business certification.
• Income explanation.
• License tax, flat tax, or monthly tax.

3. Additional assets

It is not required, but you should add documents proving valuable assets such as real estate, cars, shares, and stocks ... to increase the rate of visa.

Reputable appraisal unit serving the needs of financial proof:

Hoang Quan Appraisal (HQA) – SunValue is one of the pioneers in the field of property valuation to serve the needs of settling and studying in Vietnam. SunValues appraisal documents and certificates are made and issued in English, so it is very helpful for customers in persuading agencies to approve conditions to settle down and study abroad.