Is it necessary to show the student’s bank balance to study abroad?
The answer is yes. A vast number of students all across the globe go abroad for studies. It is vital to have a steady bank balance for students to have a comfortable life outside their country.
Studying abroad can be a rollercoaster ride for students. Living all by yourself, embedding yourself in another country, turning strangers into families, everything about living abroad is valiant and amusing.
Studying abroad helps to enhance your knowledge about the field of study you have chosen. Studying abroad helps boost your courage, enables you to interact with people all across the world, opens the golden door for spectacular opportunities, and the list of advantages is perpetual.
One of the main reasons why authorities check students' bank balances is to check if they are capable of affording the country's lifestyle. Second, as life is unforeseeable, misfortune can occur anytime. Checking the bank balance assures the authorities that except for insurance, students are capable of managing their health requirements.
Students are required to show evidence of funds for the duration they are studying. In the bank account, students must have double the amount of what their university fees are.
For instance, If your I-20 states $25,000 for the first year, you should have $50000 for the entire duration of your study.
Amount requirement in a student's bank account may differ on the amount shown in your I-20 and the country's economy. The cost of living and studying abroad is predominantly based on the country you decide to live in and the study course.