Bank Statement, Affidavit of Support MS/MBA in US ? Money Required?

In Application Info MS-MBA by Kumar11 Comments

Bhuvana asked

“ Well, I am planning to apply for Fall-2011. I have come to know one should show bank statement while applying to universities. my query is how much amount we have to show in the bank statement?”

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If you are done with GRE and TOEFL, you might have come across the same question “Bank Statement or Affidavit of Support” Some of you may not be sure what this means and how it works. Let me share my thoughts.

What is Bank Statement ? Affidavit of Support ?

In simple terms, Bank Statement or Affidavit of support is a document signed by your sponsor (someone who will pay for fee, boarding, etc) indicating that they will sponsor (give financial support) your US education with that amount of cash listed on the bank statement or affidavit….typically, the school gives a template for affidavit of support that has to be signed by your sponsor… If not, you can just use a generic bank statement template.

Why is it Bank Statement or Affidavit required or important for most of the  Graduate school in US ?

Banks Statement is pretty much mandatory for most of schools…Some of you may be super smart and would ask ,“I am really smart, I have 1500 in GRE, I will get a scholarship, why would I need to do this affidavit or sponsor paperwork?” …The reality is, schools in US want to make sure you have the financial capacity to support your education either by you or your sponsor.  From school’s perspective here is the logic, let say they give you scholarship or funding with a condition that you need minimum 3.5 GPA…what if you do not study well and your GPA goes under 3.5…you will forfeit your scholarship for next semester…who pays for school now ? Same is the case with any other kind of funding, it is a way for school to hedge their financial obligation to pay for your tuition fee.  Makes sense ?

How much amount to show in the Bank Statement of Affidavit  for MS in US ?

Simple answer, total cost of your education in US including living, boarding, books, etc.  Some schools explicitly say how much amount in US dollars have to be on the bank statement. Some schools do not say it, but they will give tuition fee and other expenses breakdown for one year or one semester. Some schools give tuition fee per credit…in any case, you would have to at least show total amount equal to cost of tuition fee, living expenses, books and misc expenses for the whole course (typically 2 years). It is good to add 15 to 25% more than the university’s recommended total cost, just to be safe.

How to know the exact amount of fee required for total course for bank statement ?

If not listed on affidavit or bank statement template, there are few ways to do find the exact amount:

  • Check the department website for full fee info.
  • Check the financial aid website for full differential tuition or additional fee info.
  • Email the Graduate school or Department to send you total fee for course with expenses.

In the next article, I will post a sample template that I used and clarify some other questions regarding bank statement.

Do you have any questions on Bank Statement ? Any other thoughts?

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Comments ( 11 )

  1. praveen

    are there any date constraints on the affidavit and bank statement as some of my friends told me that the bank statement should be made before affidavit ,and if i have uploaded them already what should be my next step???

    1. administrator
      Kumar

      praveen,
      I would say both go hand in hand. Few date changes here and there should be ok. If you are concerned, you can write to school and clarify on the same.

  2. Rakesh

    Hi Everyone,
    I m planning to take admission on H4 (In state tuition fee) and I m having sufficient amount in my bank account. Could you please tell me still affidavit for Financial support is require or bank statement is sufficient?
    I will be more than happy if anybody can answer me.

    Thanks,
    Rakesh.

  3. Pais Reginald

    HELLO SIR
    I WANT TO PURSUE MY MS/M I S IN USA. I NEED TO KNOW HOW MUCH MONEY I HAVE TO SHOW IN MY BANK ACCOUNT BEFORE APPLYING FOR THE UNIVERSITIES IN USA

  4. Goyal

    Hi..
    Could you please tell me whether a private bank statement is accepted or only nationalized bank statements are required?

    Hoping for an early reply,
    Best regards..

  5. RAJAT SHARMA

    HELLO SIR
    I WANT TO PERSUE MY MBA FOR USA…I NEED TO KNOW THAT HOW MUCH MONEY I HAVE TO SHOW IN MY BANK ACCOUNT IN THIS CASE.I MEAN FOR MY STUDY PURPOSE I WILL TAKE LOAN FROM BANK BUT OTHER THAN THAT WHAT MINIMUM AMOUNT I SHOULD HAVE IN MY ACCOUNT…….

  6. sai

    Hello,

    My wife and I live in USA, If I have to get a affidavit of support for my wife here in USA, which office should I visit? is there a terminology used for this?

    Thanks.

  7. swathi

    Hi Kumar,
    Can you please post a sample bank statement letter.
    I am on H4 visa and changing to F1 now and my husband is my sponsor.

    Thanks
    Swathi

  8. Rebecca

    Hello Kumar,
    The article was was quite insightful. My college has asked me to provide them with the Bank Statement and notarized Affidavit of Support Letter. Could you share some information regarding the latter? It would be really helpful. Thanks alot.

    Regards
    Rebecca

    1. administrator
      Kumar

      Rebecca,
      Typically, notarization is done by Lawyers, Bank officers, etc in certain designation…They verify the originals and certify that they are bonafide…I guess the school is asking you to get it notarized from one of those individual. It would be a good idea to check with the school as well, I would email them or call them for clarification …

  9. Sophia

    Hello Kumar,

    Your article is wonderful “Bank Statement, Affidavit of Support MS/MBA in US ? Money Required?” each an every big issue is simplified in a simpler manner | What is Bank Statement ? Affidavit of Support ? | Why is it Bank Statement or Affidavit required or important for most of the Graduate school in US ? | How much amount to show in the Bank Statement of Affidavit for MS in US ? | How to know the exact amount of fee required for total course for bank statement ?|

    Waiting for some more interesting article from you

    Regards
    Sophia

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