Count on Showing Financial Ability to U.S. Colleges
Studying in the U.S. isn't easy for international students. There are standardized tests to prepare for, essays to write and deadlines to meet. And then there's yet another hurdle, even for academic superstars: proving they can pay for their education.
Even if a student has the best grades in the world, he or she is not likely to get into a U.S. college without proof the family can foot the bill for at least the first year of study, experts say. But how and what schools use to financially size up students isn't as straightforward as it seems.
"It's going to vary school by school," says Clara Priester, a regional educational advising coordinator for EducationUSA, which provides international students with information about U.S. schools. "There is no one size that fits all."
[Learn how to demonstrate financial ability as an international student.]
The process typically works like this: Students apply to a school, and either at that point or after they are accepted the school will request proof of finances for a year or more. After a school decides a student can pay, it will send the student an I-20 form to take to a U.S. embassy or consulate as part of the application for a student visa. There, a U.S. government official will make the final decision about whether a student can pay.
Legally, schools are required to ask for proof that students can pay at least one year of tuition and estimated expenses, but it's up to schools to decide if they want students to prove that they can pay for more, says John Singleton, director of international services at Texas Christian University.
Schools have the same standards for all international students. If the first year cost of attendance and other expenses is $52,000, in other words, all international students will need to show they could produce the cash equivalent in their local currency.
Typically, schools want to see liquid assets as proof students can pay for the first year, meaning money that is readily available and can be illustrated by bank statements from a parent, friend or other relative. Scholarship money from one's home country or the U.S. school can also be considered, experts say.
Some schools, like Indiana University--Bloomington, will count some mutual funds and annuities as liquid assets -- as long as they are accessible, says John Wilkerson, director of international admissions, who also writes for the International Student Counsel blog for U.S. News.
A fair number of schools ask for proof of the first year and then ask for evidence of funds moving forward, says Dale Gough, director of international education services at the American Association of Collegiate Registrars and Admissions Officers.
In those instances, schools often look beyond liquid assets.
[Watch out for hidden costs for international students at U.S. colleges.]
Evidence of a parent's salary can count, experts say, but usually only a certain percentage. Proof of property or of certain investments is often acceptable, as well as evidence that a student qualifies for a loan. Some schools will ask for a notary to sign off on these documents; others won't. Typically, Gough says, banks have no problem issuing financial documents in U.S. currency if the intent is to prove they can study in the U.S.
At TCU, for example, the school doesn't specify what documents students can send, Singleton says. If a student shows proof his family owns a cattle ranch, that's fine, he says, though ultimately it will be up to the embassy to make the final call, since they will have the best sense of the value of those assets.
"We really aren't detectives," he says. "If it's reasonable, we are going to push it forward."
The good news, officials say, is that schools typically clearly spell out what kinds of documents they will accept, at least for that first year.
[Find out about additional college fees for international students.]
"When I was applying, it was pretty straightforward," says Louis Liu, a Taiwanese student who graduated from Oregon's George Fox University in May. "I had my parents as my financial support -- most international students do. They had to submit bank statements and proof of their annual income."
If international students do have questions, they can always turn to EducationUSA. The group, a U.S. Department of State network of more than 400 international student advising centers, helps walk students through the whole process. In addition to its centers worldwide, it keeps an updated list of financial aid opportunities for international students.
Students should keep in mind that whatever financial information they provide should be accurate, experts say. Embassy officials can always call up a bank, for example, and verify the amount in certain accounts, Gough says.
"If all of your documents are truthful, accurate and sufficient, you have an excellent chance of getting the student visa," he says.
For more international student tips and news, explore the Studying in the U.S. center.
Devon Haynie is an education reporter at U.S. News, covering online education. You can follow her on Twitter or email her at dhaynie@usnews.com.
