Sunday, April 21, 2013




SEWANNE: The University of the South, TENNESSEE




This is perhaps the most worrying factor for Visa applicants and every case usually needs to be treated independently. I have attempted here to answer the most commonly asked queries.

How much funds I need to show for my Visa Interview?
For the entire duration of your stay which is equal to the duration of your program as mentioned on your I-20. This will be 24 months or 2 years for most of the programs and 16 months for some specific ones, which again is Univ specific. The estimates on the I-20 come with a 9-12 month period or a normal 12 month period, the latter being a common occurrence. So, thumb rule is twice the I-20 amount in most of the cases which should be covered by liquids and non-liquids. For cases where your program duration is 16 months, do your math and show an appropriate amount. 

What if your I-20 mentions a bloated program duration ?
For cases where your I-20 states something like your program duration as 36 months but its common for people to finish the program within or in 2 years, check if you can get a written communication from the Univ stating this or an e-mail version/soft copy of the same. Also, take supporting documents to back your claims that you need to finish the program in 2 years to maintain your F-1 status while you are at the Univ by taking appropriate credits each sem. The VO's have got every right to buy this argument or even reject them and hence be prepared for any sort of explanation that the situation may demand.

Showing Actual Source of Funds for Visa Interview : 

In several cases, the finances that you show for your Visa interview is not the actual source of funds you will be using for your education. While it is of course highly recommended to show your actual source of funds, this may not be a practical thing to do. Here are a few reasons why this may be the case :
1) The living expenses on the I-20 are much higher than what you will actually be spending. (This is true for almost everybody)
2) You will have some degree of reliance on on-campus jobs.
3) Your funds may not be readily available at the time of the visa interview, but will be ready by the time you have to pay the fees.
4) You are taking funds from a source which might raise suspictions for the Visa Officer (such as loans from US banks)
There might of course be more reasons.

How much money do I need to show at the Visa Interview?
This amount is dictated by your I-20. The cost estimate on the I-20 is for the first 12 months only. Hence it is important to consider the course duration mentioned on the I-20 while calculating the amount to be shown. Sometimes, the course duration on the I-20 is more than what it actually might take. In this case, you still should prepare sufficient finance for the written duration.

In what forms can these funds be shown?
Technically they say that funds for the first year must be shown in the form of Liquid Funds. Funds for the remaining duration of the course can be shown as Non-Liquid Funds. Also, its better to not show property as a source of funds as one hardly sells it for funding his/her studies. However, properties/lands can be shown as an asset to establish strong home-ties, a reason for the VO's to believe that you have a strong base in your native country and won't immigrate to the country for which you are requesting a visa. 

Liquid Funds are those funds which are at your instant disposal. The following is a list of sources which can be shown as Liquid Funds along with the necessary documents required for each of them.

1) Savings Accounts :
This is considered as good as cash in hand. 
But few people actually store huge amounts of money in Savings Accounts for obvious reasons. You will most likely be transferring money from a non-liquid source into your savings account to show for the visa interview. In this case carry documents as proof of transactions.
In any case, be prepared to justify any significant deposits in your Savings Account with necessary documents
Documents Required : Original Passbooks with transactions of atleast last 6 months, Bank statement (optional), Proof of significant transactions
Note : Some banks do not provide passbooks. In this case, you can do either of the following :
a) Get a printed transaction history of the past 6 months from the bank (Recommened)
b) If you have Internet banking, print the bank statements over the past 6 months.

2) Fixed Deposits :
A fixed deposit is a long term deposit with a bank which yields a higher rate of interest. You can show either the Principal Amount or the Current Amount of a Fixed Deposit as Liquid Cash. Current amount will be higher than Principal Amount due to accrued interest, but will require an official bank statement as proof. 
The Maturity Amount of a Fixed Deposit cannot be considered as Liquid Funds unless the Maturity Date is before the time when you will be needing the funds.
Documents Required : Original Receipts, Bank Statements for Current Value

Sunday, April 14, 2013


 Study in USA
In news that will shock no-one, earning a Crimson pedigree may be the surest-fire way to amass greenbacks. Almost 3,000 graduates of Harvard University are worth more than $30 million (each), according to rankings compiled by market research firm Wealth-X seen by Quartz, and most of them earned the money themselves. That's more than twice the number of what Wealth-X calls "ultra-high-net-worth individuals" (UHNWIs) produced by any other institution in the world. (The report, by the way, counts both undergraduate and graduate degrees.)
That Harvard is a multi-millionaire factory probably surprises no one. But here are some report findings that might:
  • Of course, the top of the list is rather dense with Ivy. But even among top schools, wealth varies greatly: while the University of Pennsylvania and Columbia University graduated a combined 2,390 UHNWIs, Yale, Princeton and Cornell count among them only 1,604, in total.
  • Of the US schools in Wealth-X's Global top 20, just three are public: University of Virginia, the University of Michigan and University of California, Berkeley.
  • At least in the US, having a business school probably helps. The top five on the global list--Harvard, Penn, Stanford University, Columbia and New York University, in that order--all have top-flight MBA programs. Of the top 15, only Princeton lacks a B-school. On the non-US list, meanwhile, France's Insead and LBS are both exclusively graduate business schools.
  • Proximity to Hollywood and Silicon Valley may help, as well, though. Combining Wealth-X's lists of public and private universities, the ranking Californian schools put out the most UHNWIs, with 4,672 of them--more even than posh school-dense Massachusetts, which produced 4,198.
  • Nearly one-quarter of Brown's and Cornell's UHNWIs' ultra-high net worths came exclusively from inheritance. And around two-fifths of the super-rich from Penn, Columbia, Northwestern and Boston University made the list thanks to old money alone.
  • What of the nouveau riche? At the University of Virginia, which also happens to be the highest-ranked public university, some 78% of the ├╝ber-rich were self-made. Harvard, Chicago, Princeton and New York University were close behind.
  • Women who want to strike it rich should consider Northwestern and Brown Universities--almost 15% of their UHNWIs are women, compared with 2%-4% for the University of Chicago, MIT, and Yale. But in terms of raw numbers, Harvard produces the most ultra-affluent women:
  • On the international list, Australia's Monash University has the highest proportion, with 17%.
  • The UK is churning out top-earners too, though. UHNWI alumni of Oxford and Cambridge totaled 401 and 361, respectively, breaking into the global top 20. And Wealth-X's non-US ranking included four more: the London School of Economics, Imperial College of London, the London School of Business, and University College London.
  • The University of Mumbai was the only university outside of the US and the UK to make the top 20, with it 372 UHNWIs worth a combined $37 billion.
  • Of emerging-market universities, India's University of Mumbai and University of Delhi produced 601 super-rich alumni, while China's Tsinghua and Peking Universities together graduated 291.
  • In addition to simply having the most UHNWIs, Harvard also boasts the most billionaire alumni -- 52 of them, to be exact. But in the top 10 of UHNWIs from schools that made Wealth-X's list, it only has one (Brazil's Jorge Lemann, who just co-bought Heinz):
University UHNW Alumni Rankings Special Report, Wealth-X