Studying abroad is an exciting adventure, but before you begin, it’s essential to have your finances in order. Demonstrating that you have the necessary funds is a key step to gaining admission to your chosen university and securing your student visa.
This guide will discuss everything you need to know about providing proof of funding. Whether you’re receiving scholarships, taking out a loan, securing sponsorship, or self-funding, we’ll help you ensure that you’re financially ready to study abroad and can show this when you need to.
We'll cover:
Why you need proof of funding to study abroad
What counts as proof of funding
How to prepare your proof of funding
Minimum funds required for a student visa
Why do you need proof of funding to study abroad?
Universities and immigration authorities ask students to show proof of their financial situation. This helps them confirm that you can support yourself and pay for your tuition without disrupting your studies.
If you can't show enough evidence that you can afford to study abroad, you might not be allowed to enroll in your program and could be denied a student visa.
What counts as proof of funding?
When you study abroad, you’ll be asked to prove that you can cover key expenses like your tuition fees and living costs for at least the first year of your program. Here is what you can use to demonstrate that you can financially support yourself as an international student:
Bank statements: A digital or physical statement that shows how much money you have in your bank account. This must be under your name or the name of your sponsor if applicable, and your bank balance must not fall below the minimum amount required by your university and/or your student visa conditions.
Scholarship letters: An official letter from your scholarship provider that outlines the conditions of your scholarship, including the provider’s details, the amount of money awarded to you, and what expenses this covers.
Sponsorship letters: Written confirmation from a recognized sponsor, such as a family member, guardian, or private sponsor, as proof of their commitment to cover your study abroad expenses. This should include your sponsor’s name and contact details, proof that they can cover the necessary finances, the amount of money they are providing, and the duration of the sponsorship.
Student loan: Documents that confirm your student loan approval. These should show how much money you will receive and the conditions of the loan.
Proof of income: If you’re self-funding your studies abroad, you’ll need to show proof that you have enough income to support yourself. You can do this by providing a recent bank statement or an employment contract.
How to prepare your proof of funding
Research financial aid options
Explore funding opportunities as early as possible so you know what’s available and what you’re eligible for. Starting early gives you time to gather any proof of funding you might need and apply for financial aid before deadlines. Some funding options, like scholarships, are highly competitive, while others, like loans, may take time to process. Prepare early to avoid delays.
Understand financial requirements
Studying abroad isn’t free, and each university will have specific expenses for you to consider, like tuition fees and accommodation costs. Additionally, each country has minimum financial requirements for international students, ensuring you have enough funds to study, live, and support yourself while abroad.
Make sure you understand both the university and country-specific financial requirements you need to meet. This way, you’ll know what funding to secure and can ensure that your finances align with visa requirements.
Keep a record of bank statements
Start collecting copies of your bank statements early. Having statements that cover several months will show a consistent financial history and give a clear view of how you manage your funds. This will help you keep track of your finances, ensure you meet the required amount, and encourage careful financial planning before your studies.
Prepare for challenges
The sooner you decide how to fund your studies and secure proof of finances, the better prepared you’ll be to address any potential challenges. For example, if you lack required documents, such as a bank account for statements, you’ll need time to explore alternatives like sponsorship or a loan approval letter. If you find you don’t have sufficient funds, getting an early start allows you to consider additional funding options or explore more affordable study programs.
Seek professional advice
Navigating proof of funding requirements can be challenging on your own. If you’re feeling unsure or overwhelmed, reach out to a professional, like a university finance officer or a study abroad advisor, who can guide you through the process.
Our Studee advisors can help identify financial aid options you may be eligible for, explain the proof of funding you’ll need, and provide guidance on deadlines to keep you on track.
Minimum funds required for a student visa
In most countries, you need proof of funding to apply for a student visa. Each country has a minimum amount required to cover your tuition and living expenses.
- Australia: $29,710 AUD per year
- Canada: $20,635 CAD per year
- France: €615 EUR per month
- Germany: €11,904 EUR per year
- New Zealand: $20,000 NZD per year
- Spain: €600 EUR per month
- United Kingdom: £1,334 per month for up to nine months (London); £1,202 per month for up to nine months (outside London)
- United States: No specific minimum amount, but it is recommended that you can cover the costs for at least the first year
For more information on student visas, read our guide here.
How to fund your studies abroad
If you’re unsure how to fund your studies abroad or you don’t have the funding you need, there are plenty of financial aid options to help:
Application fee waiver
This is granted to students who are facing financial difficulty and allows them to apply to a university without paying an application fee. Some universities automatically offer fee waivers to eligible applicants, while others may require students to submit a form or provide documentation to prove their eligibility.
Student loans
Students can borrow money to cover the cost of their tuition fees. This loan needs to be repaid after you have graduated. In some countries, international students won’t be eligible for a government loan and will instead need to rely on private loans. Some universities also offer loan programs specifically for international students.
Grants, bursaries, and scholarships
These offer students financial support based on specific criteria, such as their financial situation, or their academic ability. They are typically awarded by educational institutions, non-profit organizations, charities, and trusts. Unlike loans, students aren’t expected to repay this money.
Sponsorship
International students can be sponsored to study at university by a company, employer, government body, charity, non-profit organization, or individual. In most cases, a sponsor will be a family member or friend. How much money you receive is up to your sponsor, but in the majority of cases, a sponsorship will cover most or all of your university fees.
You may be required to fulfill certain responsibilities, such as achieving a minimum average grade, completing a work placement or internship during your program, or committing to work or volunteer after graduation.
Part-time jobs
Part-time work is a great way to bring in a little extra money while you study. Bear in mind that you’ll need to prove that you have adequate funds to cover your first year of tuition and living costs during your university and visa applications, so don’t rely on a part-time job to completely cover your expenses.
Your university will likely have many job openings for students on campus, and you may even find work in your local area. Many universities offer work-study programs so that students can earn an income and gain experience that is relevant to their degree.
Make sure to research the regulations in your host country before you accept a job, as student visas often have restrictions on the number of hours you can work.
What to do if you’re self-funding your studies abroad
If you plan to pay for your studies abroad by yourself, here are some tips to help make the process smoother and less stressful:
Calculate your budget
Before you decide to fund your studies yourself, it’s important to estimate how much money you’ll need for your first year and beyond. Include costs like application fees, tuition, and living expenses. Calculate how much you’ll need, how much money you’ll have left as extra income, and whether you have enough to cover everything.
It’s also a good idea to save some emergency money for unexpected costs. This can help you decide if self-funding is the right choice or if another funding option might be better.
Prepare bank statements
Bank statements will be your main proof of funds if you’re self-funding. Make sure these statements are in your name and show that you have the minimum amount required for the length of your studies. This can help avoid issues with your application.
Set up a separate bank account
To manage your finances more easily, consider opening a separate current or savings account specifically for your study abroad funds. This shows that you are organized with your money and will make it easier to keep track of what you spend on studying.
Look into other funding options
Even if you plan to pay most of your costs yourself, consider other financial aid options. Scholarships, bursaries, grants, a sponsorship, and loans could help you reduce some of your expenses.
Ready to start your study abroad journey? Tell us your study plans and we’ll help find your ideal program at the perfect university for you.