Proof of funds

Admission to a foreign university requires an applicant to have a certain amount of money in his or sponsor’s bank account. The available funds on the account should cover absolutely all expenses, including accommodation, meals, study materials and other expenses, which is 2,000 USD per year on average. Foreign universities send applicants a special form, which must be filled out and submitted along with a certain list of documents proving the financial viability of the applicant or his sponsor — proof of funds.

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Examples of documents confirming the financial viability

Bank statements

More samples here.

Letter of sponsorship from parents

Note: the samples are designed to give you a basic understanding of what proof of funds (either bank statement or letter of sponsorship) means. For the exact documents, please, refer to your bank’s office or request a form from the institution in question.

Confirmation of financial solvency of the applicant

For admission to the chosen university, the applicant must prove financial solvency. The following list of documents will help to get a positive answer from the educational institution:

1. Bank statement can be obtained at the bank's office where the applicant has an account, and this is one of the prerequisites for admission to any foreign university. The statement must contain the seal of the bank, the name of the account holder must match the name of the applicant (as indicated in his passport). The statement must indicate the amount of available funds in the currency that is valid in the country of the university. It is important that this amount is sufficient to cover the cost of training and accommodation.
2. Letter from the sponsor (individual) with a bank statement of the sponsor’s account. If an individual sponsor (a parent, relative or another individual) is financing your studies, then in addition to the bank statement, a written consent of the sponsor to finance the applicant’s studies will be necessary. A written confirmation must be certified by a bank or a notary. Alternatively, you can offer a sponsor-filled form provided by the university (example).
3. Letter from the sponsor (legal entity). In the event when the applicant’s studies are financed by the employer, private organization or the state, a letter with the seal and signature of the official representative must be attached to the applicant’s bank statement. The letter should also contain the name of the applicant and the amount of sponsorship (example).
4. A letter from the department of the selected university, which awarded the applicant a scholarship (or fellowship in the case of the appointment on a position of an assistant professor). Some universities award scholarships to students that are not yet enrolled, so it is better to submit the confirmation from the university along with the rest of the application. This is necessary for a comprehensive and fast review of the applicant.
5. Grant award letter. If the applicant manages to win a grant, it is necessary to send a copy of the letter to the selected university.

In the event that none of the documents cover the tuition costs in full, all of the available papers should be prepared (for example, scholarship documents from the university and a bank statement).

Note: it is better to duplicate documents of financial solvency (make at least two copies), because if you get a letter of admission from a university, these documents will be needed again when applying for a visa.