While high school seniors are busy writing essays, parents also need to get moving on an important component of the application to some U.S. universities. Applicants who are not U.S. citizens may be required to submit proof that their family has sufficient liquid funds to pay for tuition, fees, and living expenses during the first year of studies. It is important for students to review the international applicant section of each of their universities’ websites to see if this information is required when applying; for some universities, the certification of finances will only be submitted if a student enrolls. Boston University, Northeastern University, and University of Southern California are three examples of colleges that require this information at the time of applying. Students can ask their Ivy Options counselor to help them determine which schools on their list will ask for this documentation.
Universities may require this information from international students, but they won’t necessarily email their applicants to request it. However, once students apply to a university, a request for financial certification, if required, will appear in the applicant portal. Students must set up and regularly check their portals after applying through Common App or using the university’s own application site.
There are typically two parts to the financial submission:
1. A form that parents must fill out for the university – sometimes it is available before applying and other times after; each university will have its own instructions on its website.
2. Documentation showing that the family can cover the total of the first year’s tuition and fees plus about $5,000 – a total of around $90,000 should be sufficient. This proof can take the form of a letter from the bank or a bank statement.
Sample Letter
October 5th, 2023
To Whom It May Concern,
We confirm that Mr. Thomas Smith has been a client with our Bank for over eight years. As of October 5, 2023, his liquid assets with us exceed $90,000.
Sincerely,
Bank official’s name
Be sure that the letter:
States the account holder’s name. This should be the person who will pay the university fees.
Is written on the bank’s letterhead.
Includes the date. The date of issuance should be within the past one or two months for early applications. This way, the same letter can be used for any regular decision applications and the college where the student ultimately enrolls. All U.S. universities will require this information before matriculating an international student.
Presents values in USD. If this is not possible (e.g., the bank statement is for an account in another currency), you should ask the bank to provide a letter noting the foreign currency value and the U.S. dollar equivalent at a current exchange rate.
Doesn’t mention specific university names. If the letter is not addressed to one university, it can be shared with other colleges if required.
The main point is to carefully follow the instructions that the university provides. For example, BU says that the bank letter needs to be addressed to “Boston University,” but most other universities do not require this.
With early applications approaching rapidly, parents should arrange this letter from their bank now or prepare a bank statement that they can share with universities. Please speak to your Ivy Options counselor if you have any questions – we are happy to help!
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