In your plan to study abroad, presenting proof of funds is one of the most essential aspects of your application. Proof of funds is how you show you have enough money to study abroad: money for your fees, to feed yourself, pay for accommodation and so on. International students must provide documents to prove that they have these funds available, if not their visa may be denied. The following is proof of funds requirements to study in four countries, the United States of America, the United Kingdom, Canada, and Australia.
Canada
In 2022, Canada welcomed a record 551,405 international students from 184 countries. As of December 21st 2022, there are 807,750 international students holding valid study permits. In spite of these encouraging numbers, the number of applicants rejected is on the high side, and one of the countries with the highest rejection is Nigeria. The reason for this mostly is insufficient or improper proof of funds. These are Canada’s proof of funds requirements:
Students coming to Canada alone: CAD 10,000 per year (excludes tuition)
Cost of bringing one family member to Canada with you: CAD 4,000 per year (excludes tuition)
Cost for each additional family member coming to Canada: CAD 3,000 (excludes tuition)
Based on the above information, a student coming to Canada with family members would need to prove that they possess an amount of CAD 17,000 plus the tuition fees for each year of study.
Australia
The Immigration Department must be satisfied that all students can support themselves during their time in Australia. This is a very expensive country in which to live, and relying the limited hours on student work rights will never cover these costs. These funds support your living, study, and travel in and out of Australia. This is a breakdown of the amounts:
While travel to and from Australia will be dependent on your starting location, living costs can be estimated. For a 12-month stay, it currently stands as; Living costs for a student: $21, 041
If you have parents or a child coming with you, the living costs are $7,362 and $3,152 respectively. You will need to show that the entire amount can be provided for.
For course fees, you need to show that you can cover your program for its cost for 12 months, or the overall program costs if it is shorter than 12 months.
Another alternative is showing a personal or parental annual income of $62,222 in the 12 months preceding your application. This can be done by showing tax records, as bank statements will not be accepted.
United States of America
All prospective foreign students are required to demonstrate that they have the financial capability to support him or themselves while studying in the US. This includes covering tuition and fees, living expenses, and any dependents – without working during your studies.
While there are generally no specific documents that prove this, there are some commonly used documents that help support proof of funds including:
- Original tax returns from the last three years (Form 16)
- Three years of bank records and/or fixed deposit statements of your sponsor (which can also be your parent)
- Pay slips, employment letters
- Chartered accountant statements
- Scholarships (which should be indicated on your I-20)
- Property documents
The US government is concerned more with liquid assets such as savings accounts and checking accounts since they want to ensure that you have easy access to these funds. The I-20 is the form you will use to apply for a U.S. student visa. Most students need to show from $30,417 to $34,417 in available funding depending on the scholarship amount.
The United Kingdom
Just like in the above-mentioned countries, to study in the UK, how much money you need depends on your circumstances and what you’re applying for. For a study visa, You need enough money to pay for your course for 1 academic year (up to 9 months).
You’ll need to show you have enough money to support yourself – unless you’ve been in the UK with a valid visa for at least 12 months on the date of your application. How much money you need depends on where you will be studying. You’ll need either:
- £1,334 per month (for up to 9 months) for courses in London
- £1,023 per month (for up to 9 months) for courses outside London
- You must have this money for at least 28 consecutive days. The end date of the 28-day period must be within 31 days of the date you apply for your visa.
Never Forget the Nigerian Factor
When you are applying to study abroad as a Nigerian, you are already at a disadvantage. Ensure that you have everything required and even more. Do not leave room for any sort of suspicion. Never use a sponsor to show your proof of funds if that sponsor is not your parent or spouse. Never apply for a degree lower than what you currently have. No matter how much money you present as proof of funds, you’ll be denied for “faulty purpose of study”. If you are applying for a study permit, ensure you pay your fees upfront, have enough money as stipulated above and pray to the God you serve. Good Luck!
