Hello everyone, I'm in the process of applying for my Student Visa, for a year course of $14.500, I know that the yearly cost is around $12.000, I'll have my parents finance me, Does that mean that they must have $25.500 liquid in their bank account or having half of that and the letter of the bank proving that they can pay for everything would be enough to get approved? Thanks!
Financial Proof
- Thread starter carinebender
- Start date
A statement showing that the funds are available (tuition is normally paid in advance and that amount doesn't need to be accounted for on the statement) is the norm.
Thank You for replying! The thing is, I haven't paid the tuition yet, I'm only doing that after my visa is approved, but I do have the full amount liquid already; what I'm worried about is that ill have my parents support me for the living cost. Still, they don't have it all liquid, they can show a significant monthly revenue, get a cart from the bank and prove funds that they can get if necessary, do you think that would be enough to get approved? Also, I've been living in Canada for a year now with a visitor visa, and they paid everything, I could also include that and receipts for my application if it helps
The funds need to be liquid. You / your parents need to show they have $25.500 in liquid funds in their account.
I don't know what you mean by "get a cart from the bank and prove funds".
EDIT: You need to show liquid funds that include first year tuition + 10,000 in living expenses. So if first year tuition is 12,500, then you need to show total liquid funds of 22,500.
Sorry, there was a typo, I meant I can get a letter from the bank saying they are able to pay for it, so if it's not liquid the visa would be refused right? Thank you
The funds need to be liquid. If the funds aren't liquid that pretty much guarantees refusal.
The thing that I'm most confused about is that some other forums say ”those that can be quickly converted to cash are considered liquid” that's why I thought that just by having the rest of the money in credit card limits (of which I have) would be enough
That's a reference to things like stocks or bonds (i.e. assets that can be easily liquidated). Credit card limits aren't assets.
When it comes down to it, you can certainly try to apply without showing all of the assets as available / liquid. It's your choice whether you apply or not. I think it's going to be extremely challenging to be approved.
So, my parents have significant monthly revenue, but not much in savings because they have been paying for my housing and food for the past years, especially the last one here in Canada, what I'm wondering is, if it would be better to have a bank loan with the remaining value already in the bank or if just by proving that they can get it if necessary and that they have a high monthly income would be enough, mainly because I would like to apply this month and the money from the loan would be recently gotten! I also have a salary that I can prove, the thing is we do have a lot of money coming in for years now but not much of savings (besides the full intuition value)