{"id":1968,"date":"2015-07-01T14:00:46","date_gmt":"2015-07-01T21:00:46","guid":{"rendered":"https:\/\/magoosh.com\/toefl\/?p=1968"},"modified":"2015-06-30T15:47:28","modified_gmt":"2015-06-30T22:47:28","slug":"the-sufficient-funds-requirement-for-studying-abroad","status":"publish","type":"post","link":"https:\/\/magoosh.com\/toefl\/the-sufficient-funds-requirement-for-studying-abroad\/","title":{"rendered":"The \u201cSufficient Funds\u201d Requirement for Studying Abroad"},"content":{"rendered":"

Today, we’re introducing you to FundsV–a convenient and reliable tool for satisfying this tricky school application condition!<\/strong><\/em><\/p>\n

Congratulations on your decision to study abroad!<\/p>\n

Studying in a country other than your own is indeed a privilege, and understanding your host’s culture, rules, and regulations is critical to a productive and successful experience. One pesky little regulation that\u2019s best to address early on in the admissions process is the \u201csufficient funds\u201d requirement.<\/p>\n

In order to secure a student visa, many host governments (US, UK, Canada, Australia) require that prospective international students show that they have sufficient funds to support the costs of living and studying in that country. In the US, the specified amount varies by university, from around US $15,000 for community colleges, to upwards of $60,000 for elite graduate schools. This requirement helps ensure that you can focus on your academic responsibilities while abroad rather than worry about finances. From a political perspective, the requirement also eases any anxiety of the host country constituents \u2013 namely, that international students are less likely to \u201cdrain\u201d domestic resources during their visit. <\/p>\n

Verification methods<\/strong><\/p>\n

One way to prove that you have sufficient funds is to provide original bank statements along with supporting documents such as a valid passport, a certificate of eligibility, and academic transcripts and diplomas to host government officials in person. Those officials may also consider individual circumstances (such as past employment and immigration history) to determine if you (or your sponsor) genuinely hold the funds to which you claim to have access.<\/p>\n

FundsV is helping to modernize this process by empowering prospective students and their financial sponsors to direct their online banking information to the authority who requested it. After you grant permission for your bank to transmit account balance data to FundsV and upload the pertinent documents, your host country will be able to access that robust set of data to decide if you meet their financial requirements.<\/p>\n

How FundsV works<\/strong><\/p>\n

Watch this 90-second intro video<\/a>, for starters.<\/p>\n

FundsV operates in a tightly controlled environment. Students may register with FundsV through their prospective host or other authority via a unique text link or banner. Alternatively, you can get started from here<\/a> as well. <\/p>\n