Proof of Funding Requirements
Documenting Proof of Funding for Estimate Expenses
In order to issue your I-20, we are required to collect documentation that shows you have funds available to pay for the total estimated expenses for the first year of your academic program. Estimated expenses are reported by the University in consultation with your academic program, the financial aid office and the Board of Trustees. Estimated expenses include tuition, fees, living expenses and health insurance. Even if you believe that your actual expenses will be lower, we are still required to collect proof that you have funding available to cover the full estimated expenses for at least one year.
Documents that demonstrate proof of funding must be in English and must:
- Be official (i.e. bank statements, official bank letters on bank letterhead with a stamp/seal and bank officer’s signature, certificates of deposit)
- Be issued by the bank that holds the source of funds. *International Student Financial Resource Statement and College Board forms are not acceptable.
- Demonstrate at least the minimum total estimated expenses for one academic year in your academic program.
- If you have an “all-inclusive” scholarship and the total dollar amount of the scholarship is not equal to, or greater than, the total minimum estimated expenses for your program, you must provide additional financial documentation for the remaining balance.
- Include an issue date that is within three months of when your I-20 Request Packet is received by ISS.
- Include a unique account number.
- Include the account holder's name.
- Include the specific amount in the specified account(s) in dollars (USD) or other currency. Note: If a USD amount is not specified, ISS will determine the currency conversion amount to USD.
- Include the general type of account (i.e, savings, checking, fixed deposit, certificate of deposit) so that we can determine whether the funds are from an acceptable source of liquid assets.
- Liquid assets include:
- Savings accounts without a maturity/expiry date.
- Checking accounts
- Fixed deposits
- Certificates of deposit with a maturity/expiry date prior to the start date of your academic program.
- Liquid assets do not include:
- Certificates of deposit with a maturity/expiry date that is after the start date of your academic program or a statement that the funds cannot be withdrawn on a date that is prior to the start date of your program.
- Stock, equity, or mutual fund accounts
- Retirement accounts, such as PPF's, IRA's and 401K's
- Official letters stating one’s salary or networth
- Liquid assets include:
If your name is not listed on the financial documentation as an account holder, the Certification of Sponsorship section of your I-20 Request must be completed. Please review our Financial Sponsorship FAQ for more infomaration.
Everyone’s financial situation and supporting documents are unique, please review our Financial Documents FAQ for more information.