Importance of Bank Loan to Get an I-20

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While applying for an admission to US universities, an important question that you often encounter is that whether a university issues an I-20 in case of a student loan. Universities in the US will need you to show available liquid funds in order to issue an I-20. This may put many students in a difficult situation as they need to arrange for funds and show that they have enough funds to bear the expenditure of their tuition fees and living expenses during their study time in the US. These funds may be anywhere from 20-50 lakhs depending on the university and programme you are enrolling for.

Most common ways of arranging funds for university admission for (I-20) issuance are –

• Showing money in your Parents bank accounts
• Using relatives as sponsors and can show their bank balance

Another approach of showing liquid funds as proof and getting an I-20 from the university is using a bank loan. You can show Education Loan Sanction letter from the bank to cover the first year of Tuition fee at the US University. Applying to study in the US can be a daunting task and you will find yourself filling up number of forms and applications for the same. In order to get a student visa you must get an I-20 from the university which certifies that you are capable of studying in the US and can bear the cost of living there during study tenure. Before getting an I-20 it is imperative for you to show the university authorities that you have sufficient liquid funds to sponsor your stay in the US.

The high cost of living and tuition make international students rely on at least one sponsor who will help out financially. You are allowed to have as many sponsors as you want, and each one that plans on being a sponsor will need to fill out an affidavit of annual cash support stating that they promise to send you a certain amount of money, as well as a proof of income.

The proof of income can be a letter from your sponsor’s employer, income tax returns, an income estimate by a bank, or a bank statement showing that there is enough money to cover the promised amount. In case your sponsor can arrange for you a free room and board, they will also need to show a proof of income as well as copies of their lease, deed, rent receipts and/or any other documentation that the university can use to verify ownership of the property.

It is worth mentioning that your sponsor should not exaggerate how much money they are able to cover when providing the university with a proof of funds to get your I-20. Any discrepancy between what is claimed by your sponsor and actual facts verified by the university official may actually put you in trouble to the extent of rejection of I-20.

The reason that you are required to show a proof of funds to get an I-20 is because it is far too risky to move to the US without a guaranteed source of income. If a sponsor backs out and you don’t have enough money to continue living in the US, you would have to move home and stop pursuing your education.

Once the university issues the I-20 you can apply for F-1 student visa and make an appointment with the nearest US consulate for fulfilling any visa related formalities.

To help study abroad, we at are offering our services to plan and actualize your overseas education plans. You can rely on our professional expertise to guide you along the way from preparing for TOEFL, GMAT, and other scholastic tests to getting admission in one of the reputed educational institutes in the US.

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