Are you planning to study abroad? Well, there are several requirements you need to fulfill. It seems like you already have the motivation, so let’s scratch that off the list. What comes next is deciding which country to study in, applying for a student visa, and gathering the necessary documents to prove your economic solvency before your trip.
Proof of financial solvency is a requirement for studying in nearly any country worldwide. That is, to enroll in a school or get approval for a student visa from an embassy, they ask you to certify that you have the means to cover your trip expenses. The question is… how do you do that?
Don’t worry; we’ve got you covered! In this post, we’ll explain various ways to prove your economic solvency. Additionally, we’ll outline the documents required as proof of funds in the main countries abroad. Scroll down and dive in!
*Disclaimer: all costs detailed below are illustrative and may vary at any time.
What is Accreditation of Economic Solvency as a Student?
No matter where you study, it’s almost certain that you’ll need to prove financial solvency.
For authorities in each country, this means that you have enough money to study abroad and cover your living expenses. That way, they make sure you won’t be a financial burden upon arrival.
Usually, accreditation of economic solvency is required when you apply for a student visa—although some schools may ask for it to approve your enrollment. The documents required vary from country to country, but let’s discuss that in the following sections.
Keep reading!
How Can a Student Prove Financial Solvency?
The documents to prove financial solvency vary depending on the school or embassy where you apply for a visa.
However, a letter demonstrating a partial or full scholarship, or one of the following documents, are some ways to show you have the means to study abroad.
1. Bank statements
These documents are of good help to prove financial solvency. They reflect the operations, transactions, expenses, and income of an account.
When applying for a visa or enrolling in a school, you’ll need a recent personal statement or one from the person funding your trip, such as your parents.
2. Sponsorship evidence
If your parents, another family member, legal guardian, or a friend is funding your trip, provide a document accrediting it, like a notarized declaration, birth registry to prove family ties or a marriage certificate.
3. Student loans
Studying abroad is expensive, so a student loan is a good option to cover your course and prove economic solvency. Some countries offer such help through government institutions and banks, with a monthly repayment amount that the student must pay.
4. Employer letter
An employer’s letter (yours or of the person funding your trip) serves as proof of economic solvency in some embassies and schools. Depending on the country, you may need to specify the annual salary, job position, duration of employment, or other relevant details.
How Much Money is Needed to Prove Financial Solvency as a Student?
The amount required to prove financial solvency varies from destination to destination.
Sometimes, you may need USD 500 to 600 per month or more than USD 1,000 monthly. In the following sections, we’ll tell you how much it costs to study in the most popular foreign countries.
Accreditation of Economic Solvency in Australia
According to the Australian government, you need 2,000 AUD (Australian dollars) to travel to Australia.
Additionally, for studying in Australia, you’ll need 21,041 AUD (excluding tuition fees) per year of study. If your stay is shorter, divide it by 12, multiply the result by the number of days, and calculate the total.
When applying for a student visa for Australia, you’ll need any of these documents as proof of financial solvency:
- Deposits from a financial institution, such as a bank.
- Evidence of approval for a loan from a financial or government institution.
- Proof of a scholarship or financial support to demonstrate economic solvency.
- If you’re sponsored, evidence that 12 months before applying for the visa your parents or partner had an annual income of at least 62,222 AUD, for example, tax payment receipts.
However, the process of accreditation of economic solvency for studying in Australia doesn’t end there. You must also prove that you have access to the funds or if someone else is funding your trip:
- If you submit bank deposits, provide evidence of the source of those funds.
- Evidence of your relationship with the person funding your trip and the financial support they’ve provided in the past, along with their identification documents.
- If financial support comes from a business, provide evidence that it’s operational.
- In case you’re funding your trip with a student loan, provide evidence that it will be paid according to the agreement made between you, the bank, and the school.
- If you’re funding your trip with a different type of loan, provide evidence of the disbursement.
Funds Required for Studying in New Zealand
Is New Zealand your next destination? To apply for your student visa for New Zealand, prove you have 15,000 NZD for one year of study or 1,250 NZD for each month of study. However, the amount could be higher depending on the city you move to.
To accredit economic solvency to study in New Zealand, immigration authorities require one of these documents:
- Bank statements for the last 6 months.
- Copies of bank deposits.
- Letter proving approval of a student loan by a financial institution.
- Tax payment certificates.
- Letter from your employer stating your position, duration of employment, and income.
You may not need to prove financial solvency for studying in New Zealand if you provide one of these documents:
- Proof of payment for accommodation for your entire stay, such as in a homestay.
- Sponsorship Temporary Entry form filled out by a sponsor recognized by the government.
- Recognized sponsors are New Zealand citizens and residents, registered organizations in the country, or government agencies.
- If someone else is funding your trip, a filled Financial Undertaking Student form.
- The person funding your trip needs to provide a copy of their passport, evidence of their relationship with you, and proof of the required funds as well.
Now that you know how to prove economic solvency in the main countries for studying abroad, it’s time to break open the piggy bank! If you still have doubts about this process, let our Student Advisors clarify them for you! Choose one of these courses, fill out a form, and receive free advice.
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