Are you interested in studying in Canada, UK and other top foreign universities? Are you seeking for means of proof of funds for your academic pursuit abroad? Look no further. In this article, Business Compiler has compiled 5 alternative proof of funds to study in Canada, UK, US, etc.
Every year, hundreds of thousand students move to Canada, UK, USA and other countries for university education.
Getting admission into any colleges or Universities in these countries is one of the first steps to take. But then, to finally move to Canada and other countries to study, you have to meet some qualifying conditions to be able to get study permit.
Some of these requirements include:
- Proof of English language proficiency. There are some universities in Canada and UK that don't request for IELTS, TOEFL exams to admit foreign students.
- Proof of enrollment into a Designated Learning Institute (DLI).
- Being in good health condition
- Having no criminal record;
- Proof that you are going to leave the country once you complete your study program; and
- Having proof of funds to sponsor your study or that you have enough money to support yourself during your stay in the country.
Read also: List of Canadian Universities to Study without IELTS, TOEFL Exams
What is Proof of Funds (PoF)?
Proof of fund is an evidence, usually in the form of a bank, security or custody statement that shows how a person or organization will be able to cover expenses for a stated period of time. It is usually in the form of documentation that certifies that an individual or institution has sufficient funds to complete a transaction.
Proof of fund by international student is therefore an evidence that shows that you have sufficient fund to finance your education expenses in Canada, UK, USA, others.
Proof of Funds is one of the requirements to apply and obtain student visa and study permit.
Your proof of funds will show how you are going to pay for the following expenses:
Tuition Fees
Your proof of funds will indicate how you’re going to pay for your tuition fees. Amount needed for tuition fees varies from institution to institution and province to province. You will need to enquire from your intending institutions how much their tuition fees cost.
Living Expenses
As an international student in Canada, UK USA, you will need to prove how you’re going to settle living bills for the period your study will last. It is advised to budget at least $10,000 per year for living expenses.
Return Flights
As international student, you need proof of fund for your flights. The cost of your return flight will depend on your home country, the airline you’ll be patronizing as well as how far in advance you book your flight.
While the statement is usually issued by a commercial bank or custody agent to provide confidence or assurance to the Visa Officer, it is important that students follow the legal way to obtaining their proof of fund to avoid ruining their chances of getting a visa.
Read also: List of UK Universities to Study as International Student without IELTS Exam
5 Ways to Show Proof of Funds when Applying for International Study Visa
- Sponsors' account
- Scholarship letter
- Study loan
- Gift Deed
- Defer admission
Sponsors’ Account
Proof of funds for the purpose of international travel does not necessarily be from your personal account, especially when you have sponsor.
The reason for presentation of the statement of account as proof of fund is to indicate that students will be able to cover basic expenses while studying in their preferred country of choice. So students intending to study abroad do not need to have the required large amount in their personal accounts, if they have sponsors who have up to the required amount in their account.
Sponsors, in this case should be close relatives such as parents, or siblings, and they will need to write a letter to the officials explaining why they are willing to invest in your education as well as proof of the relationship.
Scholarship Letter
Scholarship letter serves as proof of funds. This is one of the advantages of admissions on scholarship especially fully funded scholarship that covers living expenses
Students sponsored by a scholarship agency can attach an official scholarship letter that explains the terms and the amounts of the award.
The organization sponsoring scholarships can provide a statement that proves the funds are readily available. Where the scholarship is not fully funded, student would need to provide documentations to show that he has cash or promise of cash to settle the remainder of that cost not covered by the scholarship.
Study Loan
Student loan can be another alternative proof of funds. Students can apply for loans from companies and platforms that offer loans to international students and submit the letter by the financing institution to serve as PoF.
Note that most of loan companies attach stringent terms and conditions to the loans. Some times they require collateral and or cosigner. Some lenders do offer loans to students without collateral and cosigner by considering the students’ career path and income potential to qualify them for a student loan without a cosigner or collateral.
Students who were offered partial scholarships that may cover only tuition fees can also apply for loans to cover the remaining expenses.
Gift Deed
Gift Deed is another option for PoF close to using sponsor’s account. A gift deed acts as documentary evidence of the act of gifting.
In this case, if a friend or family member sends a bulk amount into your account or wills property to you before you obtain your statement of account, then you have to draft an explanation attributable to this person which effectively assures the Visa Officer that the money has been gifted to you for valid reasons.
Notably, students who have sponsors that are close relatives like parents or siblings, don’t necessarily need a gift deed as their Affidavit of sponsorship or sponsorship letter in addition to a bank statement will be considered.
Defer Admission
This is usually the last option to consider when other options are not viable. Admission can always be deferred till the following year or next. This is to allow students to build their accounts and save up to the required amount.
While this may seem like a difficult thing to do, considering the whole effort put into securing admission, it is way better than having to go about the illegal way just to shore up money in the account.