“ 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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