You are happy to get an admit from your dream university to pursue higher studies, but apart from writing GRE, applying to universities and getting admit there is one more thing that you need to do to fulfil your dream of pursuing higher studies in US and that is getting an i20 document.
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What is I-20 Document?
How to get I-20 document?
How to arrange these funds?
Below we are listing few ways by which you can arrange this amount:-
- Show your liquid assets - University wants to see the liquid assets that you have that is the amount that is readily available with you. So here you can show Fixed Deposits (FD), Public Provident Fund (PPF), amount in you current and savings bank accounts.
What you cant show are Stocks and Securities (including bonds), holdings, insurance, properties, retirement plans.
- Borrow money from friends and relatives - Lot of people opt for this options as you only have to show this amount in your bank statement for few months. So you can borrow money from your friends and relatives, keep that amount for few months in your bank account, get your financial statement created from bank and return the money back to relatives.
- Sponsor support letter - Your parents, your spouse, your friends or your relatives can act as your sponsor and can show that they have the required fund and they are sponsoring you for your studies. They need to show their bank statement and have to submit an affidavit showing their willingness for supporting you.
- Take loan from Public and Private Banks - You can also take loans from public and private banks. Main thing that you need to consider while taking loan is that there are two kinds of loan one which require collateral to be shown and has lower interest rates and others in which you don't have to show any collateral and has higher interest rates. There are lot of things that you can show in collateral and for that you need to get in touch with your loan agent. In general the notion is that if you show property as collateral then you eligible for 75% of the property price as loan amount and if you show fixed deposits as collateral then you are eligible for 100% of the value of fixed deposits as loan amount.
- Borrow money from some agents - There are some private agents and firms who also provides or lands money. You can also borrow money from these agents and firms for a smaller amount of time and get your financial support document prepared and return back them the money. They charge quite a hight interest rate for these services. So normally they are not advisable to take money from.
Now to create financial support letter for getting I-20 document you can choose any or multiple options from these and get your letter prepared. This means that you can take loan and can also show sponsor support letter at the same time. Every university accepts combination of multiple financial letters in the form of financial support letter.
Hope this helps and All the best for masters :)
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