International Student Funding Question

[Eternal Optimist]

I am an international student applying to PhD programs in English Literature. All the programs I am applying to are fully funded.

One of my mom's friends had informed her that even if you are fully funded you would have to deposit about $25, 000 as collateral in a U.S. bank.

My understanding is that in order to obtain I-20 that is important to apply for my Visa, I need to show that I have enough funds to cover my first year expenses.And this can be done by showing proof of funding and some personal funds to cover university fee, part of health insurance etc.

Could someone clarify if my understanding is correct or if I need to deposit a huge sum as collateral even if I am funded? All the programs I am applying offer with 100 percent tuition remission and stipend. What would be the point of a fully funded course if I would have to keep $25, 000 locked-in as a collateral?

Thanks for taking the time to respond to my question.

[fuzzylogician]

I don't know where your mother's friend got their information but it's completely wrong, unless something drastic has changed in the US immigration procedures in the past few years. Your I-20 is issued once you show that you have sufficient funding to pay for your degree, and the department's guarantee to fund you is all you need for that. With the I-20 you go to the embassy to get a student visa issued, and there again you just need to show that your department will fund you and you should be fine. In all likelihood no one will even ask, because it's already written in your I-20. I have no idea why you were told you need to deposit any kind of collateral in a US bank. Those are private institutions anyway, and they have nothing to do with federal immigration regulations. 

[TakeruK]

You don't need to deposit any collateral in a US bank, but your I-20 does have to prove that you will have enough funding to pay tuition and live in your university's town. For most PhD students, fully funded with a stipend is more than enough to meet this requirement. However, in the paperwork I got during my application season (for Fall 2012 start, so just slightly more recent), they did mention a requirement to prove that you have the funding to meet your expenses if you are not fully funded. For example, if you are in a professional masters program, then you do need to include a notarized copy of your bank account, for example, showing that you do have the money to pay all the fees and living expenses. Anyways, your current understanding is correct and you won't need $25,000 collateral! 

 

Although I am sure your mom's friend had the best of intentions, I found that US immigration regulations are so complex (and sometimes strange) that it's difficult to know how useful advice/experiences from other people not on the same track as you would be very helpful. The best resource, I think, is your school's international office. Another good resource, especially if you want to hear stories of others' experiences is to talk to other people who are on F-1 visa, in fully funded PhD programs. But note that even the same program can have different regulations depending on your country of origin!

[Eternal Optimist]

Guys,

Thanks a lot for the replies. I am so relieved. I am sure my mom's friend encountered a different situation when she sent her kids. Probably their program only funded the tuition fee.

Thanks once again for the reassuring replies.