Bank Statement Requirements for USA Admission and Visa Purpose

When applying for a U.S. student visa, one of the most important documents you need to provide is your bank statement. This statement proves that you have sufficient funds to cover your tuition, living expenses, and other costs during your time in the U.S. The amount required for the bank statement will vary depending on the university's tuition fees and the cost of living in the city or town where the university is located.

Key Factors Affecting the Bank Statement Amount:

1. University Location

   • Smaller Towns/Universities:
     Universities located in smaller towns, away from major cities, typically have lower tuition fees and living costs. As a result, the bank statement requirement will be lower.

     • Estimated bank statement amount: Around 30 lacs BDT (for a single applicant)

   • Major Cities (e.g., New York City):
     Universities in major cities like New York, Los Angeles, or San Francisco have higher tuition fees and living costs. Consequently, students applying to these universities will need to show higher amounts in their bank statement.

     • Estimated bank statement amount: May range between $30,000 to $80,000 USD per year, depending on the university and location.

2. Dependent Applicants

   • If you are applying as a single applicant, the bank statement will cover your tuition fees and living expenses.

   • Applicants with dependents (spouse or children) will need to show an additional $5,000 to $15,000 USD per dependent for their living costs. This is in addition to the applicant's tuition and living expenses.

3. Components of the Yearly Cost in I-20
   The I-20 form includes the estimated yearly cost, which covers:

   • Tuition Fees

   • Living Expenses (rent, food, etc.)

   • Health Insurance Costs

   • Transportation Costs

   • Books and Supplies

   • Other Administrative Fees (university-related costs)

4. Typical Tuition Fees for U.S. Universities
   At Kompass Education & Visa Consultancy, we work with a wide range of universities with varying tuition fees:

   • Lowest Tuition Fee: Around $7,500 USD per year (for smaller universities)

   • Average Tuition Fee: Between $10,000 to $20,000 USD per year

   • Highest Tuition Fee: Can go up to $80,000 USD per year (for prestigious and high-cost universities)

5. Scholarships and Graduate Assistantships

   • Students with a high CGPA, IELTS scores, and strong GMAT/GRE or SAT results may be eligible for significant financial aid.

   • Many universities offer up to 100% scholarships or a high percentage of partial scholarships for exceptional students.

   • Graduate Assistantships and Teaching Assistantships are also available, which can further reduce the overall cost by covering tuition fees or offering a stipend.

   • Scholarship Impact on Bank Statement:
     If you receive a scholarship, the scholarship amount will be deducted from your tuition fees. However, please note that while your tuition fee may decrease due to the scholarship, your living costs, health insurance, transportation costs, and other administrative fees will remain the same and will still need to be covered in the bank statement.

Bank Statement from Fixed Deposits (FDR), Savings, and Current Accounts

When presenting your bank statement for U.S. visa purposes, if you are using Fixed Deposits (FDR), savings accounts, or current accounts, it's important to know the requirements may vary by university:

• Fixed Deposits (FDR):
  Some universities accept a 1-day-old mature bank statement if you're showing funds from a Fixed Deposit (FDR). However, other universities may require 3 to 6 months of statements showing the duration and maturity of the deposit.

• Savings and Current Accounts:
  For savings accounts or current accounts, the same rule applies. Some universities may accept a recent statement (e.g., a 1-day-old statement), while others might request the last 3 to 6 months of account history to demonstrate a consistent balance.

How Kompass Can Help:

At Kompass Education & Visa Consultancy, we understand that each student has different financial capabilities and preferences. We tailor university recommendations based on:

• Your annual budget

• Preferred location in the U.S.

• Type of university and the program of interest

By working with us, you will receive personalized advice on how much you need to show in your bank statement based on the specific tuition fees and living costs of the universities we recommend.

Financing Your Education Through MPower:

In addition to bank statements, Kompass Education & Visa Consultancy also works with MPower Financing, a provider of student loans for international students. MPower offers a great solution for those who need financial assistance in covering tuition and living expenses. To learn more about your financing options, please visit us at:

• Website: MPower Financing

For more details, visit us at:

• Address: 56 Siddeshwari Road, 2nd Floor, Dhaka 1217

• Phone: +8801736720908

Tips for Bank Statement Preparation:

• Ensure that the funds in your bank statement are readily available and can be accessed for your educational expenses.

• The bank statement should be in your name (or your sponsor’s name) and reflect the required amount for the entire year.

• If you have dependents, make sure to include their living expenses as well.

• It's essential to show the bank balance for at least the duration of your studies (1 year) to meet U.S. visa requirements.

Conclusion:

Understanding the bank statement requirements is a critical step in the U.S. visa process. By selecting the right university based on your budget and preferred location, you can ensure a smooth application process. Kompass Education & Visa Consultancy provides expert guidance to help you meet all financial requirements and select the best university for your academic goals.