As an aspirant studying abroad student, you must have thought about financial planning even before you applied to any university. Studying abroad could cause disruption in your financial accounts thus planning in advance is essential. Admission is a long process, beginning with the submission of an application, receiving an offer letter, accepting the offer letter, and then following the official process of documentation regarding a VISA. After you accept an offer letter the specific university will send you a confirmation of acceptance for studies (CAS) mail which is an important document for your VISA application.
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VISA processing is a tedious task that can take up to a few months so, it is advised that you start your financial planning and asset management a year before. Every country has a different VISA policy thus the expenses regarding the same may from country to country.
You will require the following documents in your VISA application process:
- Application form – A student VISA application form is a preliminary document in the process. You must fill in all the required information accurately in the application form.
- Passport – You must have a passport that will be valid for six months when you apply for VISA.
- Admission Proof – You will be required to submit your CAS as proof of admission that you have been accepted into a certain university to pursue your course/degree.
- Proof of Funds – You must provide proof that you have enough funds to support your education abroad. If your education is funded by your family member then you must provide their financial statements regarding the same. These days most students prefer to be self-funded and thus opt for bank loans where you will be required to submit a letter of loan approval by the bank.
- Civil Documents – You will be asked to submit your other official documents like a birth certificate, domicile, marriage certificate (if applicable), CV, etc.
Financial planning for VISA would include managing funds, the VISA application process, and other applicable fees.
- You will be required to provide proof regarding your funds that you can support your education abroad. For this, there should be a consistent funds inflow in your account starting from the year before your admission.
- When arranging financial assets make sure to keep the liquidation calculations in mind. That means if you wish to arrange cash you might have to liquidate certain assets which can be converted into cash in 7 days. Such assets are called liquid assets.
- You can opt for alternate funding options as well including applying for scholarships, sponsorships, fellowships, and fee waivers. You can choose to apply for partial or full funding scholarships. Many universities have their own scholarship programs for international students to provide them with financial aid.
- If you wish to independently fund your education abroad you can choose to apply for a student loan from a bank. Many banks provide flexible loan options with low-interest rates and easy payment options for students. You can also to chose to use a bank loan to make balance out your funding expenses.
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Points to Consider in Financial Planning for VISA
- Try to avoid any large abrupt cash deposit in the account
- Do not leave any task for the last minute
- Provide accurate information in the VISA application form
- Proficiently manage your time for each and every task
- Be thorough with your research regarding bank loans including the interest rates, payment options, documents required, and other benefits and advantages offered by a bank
- Analyze the conditions and the loan policies of the bank as per your requirements
- Pay close attention to your scholarship options regarding their applicability.
- As every country would have some different country-specific VISA requirements, therefore you must plan accordingly
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Every country has a different VISA policy therefore the VISA application fee would vary depending on that. The average VISA application fee ranges from $160 to $600 ( INR 13,070 to INR 49,015).
There is no standard duration within which you can get your VISA. VISA processing can generally take up to 2 to 6 weeks or more.
A student is valid till the duration of your education program. However, you can request for extension.
We hope that this blog has provided you with the required information on financial planning for VISA. So if you need any assistance with your studying abroad processes and wish to seek guidance consult Leverage Edu. Connect with our study experts today.