SEVIS and Financial Evaluation Workshop - The Graduate College ...

grad.illinois.edu

SEVIS and Financial Evaluation Workshop - The Graduate College ...

SEVIS & Financial Evaluations

2014-2015

Graduate and Professional Admissions

Graduate College


Workshop Agenda








Visa Basics

Financial Evaluation Basics

Funding Types

Acceptable Funding Documentation

2015 Admissions Funding Amounts

Examples

Q&A


Visa Basics




Student Visa Types

F-1 Student Visa (F-2 Dependent) – I-20

J-1 Student Visa (J-2 Dependent) – DS-2019

Types of Visa Eligibility Documents

Initial

Transfer

Change of Level

Change of Status

Other Common Visa Types

J-1 Scholar Visa

H-1 Work Visa (H-4 Dependent)

B-1 Business / B-2 Tourist Visa (not allowed to study)


Financial Evaluation Basics


Who is Required to provide Proof of Funding?


Any international applicant requiring/requesting either an I-20 or DS-2019 visa

eligibility document


Who is Not Required to provide Proof of Funding?




Applicants with non-student visas, who are allowed to study (H-1, L-1, R-1, etc.)

Adjusted in Status Applicants

U.S. Citizens and Permanent Residents


Financial Evaluation Basics


Proof of Funding and Intent of Financial Support for Full Length

and Cost of Program

Proof of funds must be verified for one year’s total cost by submitting

bank statements

• J-1 students must provided verification for the total cost of the program via bank

statement

Intent of Financial Support must be verified for the full length and cost of

program (unless the student is self-sponsored) by submitting:

The Declaration & Certification of Finances Form (verification that a person

will support the student for the entire length and cost of the program)

OR

• A letter of sponsorship indicating that the student will be supported for the

entire length and cost of the program OR that the sponsor’s support is for a

specific amount and/or length of time


Funding Types





Personal Funding

Family and Sponsor Funding

Organization Funding

Departmental Funding


Personal Funding

Documentation Required:


Bank Statement(s)

Must show proof of liquid funds for one year’s cost

Statement must be in English or at least list the bank and account holder’s

name in English


Declaration and Certification of Finances Form is NOT required

for personal funds


Family and Sponsor Funding

Documentation Required:




Bank Statement(s)

Must show proof of liquid funds for one year’s cost (or specific amount of

support being given)

Statement must be in English or at least list the bank and account holder’s name

in English

Declaration and Certification of Finances Form or Letter of Sponsorship

Signed Declaration of Finances Form verifying sponsorship for full length and

cost of program

Signed Letter of Sponsorship verifying sponsorship for full length and cost of

program OR specific amounts/length of sponsorship

Note on Family Business Sponsorships

Need sponsorship letter from the business (on company letterhead), even if

business is owned by student’s family member / sponsor


Organization Funding

Types:


Government, University, Employer, Other Business

Documentation Required:


Signed Letter of Sponsorship

Letter must be printed on organization’s letterhead

Must state sponsorship will cover all tuition, fees, living expenses, and dependent

expenses (if applicable) for full length of program OR state exact funding amount

and length of sponsorship


Departmental Funding

Types:


Assistantships, Fellowships, Scholarships, Stand-Alone Tuition Waivers

Information Required:




Assistantships: Appointment Percentage

All Types: Annual Stipend, Terms Included, Renewable

All information must be included on the admissions referral in AY

Minimum Stipends:


To cover full cost of program for Fall/Spring admits (with no dependents), the

stipend must be at least $20,421. For Summer admits, it must be at least $20,895.


Acceptable Funding Accounts

Acceptable / Liquid Funding Accounts:








Checking, Savings, Cash Reserve, Deposit / Time Deposit Accounts

Post Office Funds

Accounts tied to the Prime Rate (Money Market)

CDs, Installment CDs, Installment Savings (if mature after start of admit term, will

take 6% penalty)

Trust Funds (discretionary funds only), Provident Funds

Pensions (only when statement included that they are allowed to withdraw without

penalty)

Student Loans

Unacceptable / Non-Liquid Funding Accounts:




Lines of Credit

Investment Accounts, Securities, Mutual Funds, Stocks, Bonds

General Trust Funds, Insurance Premiums/Policies, Land/Car Titles


Acceptable Funding Documentation

All Documents



Must be dated within one year of time GPA receives admission referral

Must be in English (or at least the required information must be in English)

Bank Statements:





Must list bank name and account holder’s name

Must list currency used

Must show liquid funds

Solvency and/or capability statements, and statements from accounting firms not

acceptable

Proof of Sponsorship:



Declaration of Finance Forms and Letters of Sponsorship must include the sponsor’s

printed name and signature

Organization sponsor letters must be on organization letterhead and include a

signature, stamp, or seal


2015 Funding Amounts

New Declaration and Certification of Finances Form:

http://www.grad.illinois.edu/sites/default/files/pdfs/certoffinances.pdf

Spring and Fall 2014 Admissions (Base Rate Programs)

Tuition & Fees: $29,352 + Living Expenses: $19,293 =

Total Expenses: $48,645

Summer 2014 Admissions (Base Rate Programs)

Tuition & Fees: $36,719 + Living Expenses: $19,593 =

Total Expenses: $56,312

Dependent Expenses

1 = $7300 2 = $11,300 Add $2000 for each additional


New Base Tuition Waiver Amounts

Tuition Waivers as Part of an Assistantship or a Fellowship

Fall/Spring Tuition Waiver: $28,224

Fall/Spring/Summer Tuition Waiver: $35,417

Stand-Alone Tuition Waivers

Fall/Spring Tuition Waiver: $27,242

Fall/Spring/Summer Tuition Waiver: $34,086

Costs covered by Base Tuition Waivers include: base tuition, service fee,

health service fee, health insurance add-in, AFMFA, library fee


Examples


Documentation Examples


Converting Funds Example


Funding Scenario Examples


Bank

Statement

Example 1:

Acceptable


Bank

Statement

Example 2:

Acceptable


Bank

Statement

Example 3:

Unacceptable


Bank

Statement

Example 4:

Unacceptable


CONVERTING FUNDS – www.xe.com


CONVERTING FUNDS – www.xe.com


Declaration &

Certification

of

Finances

Form Page 1


Declaration &

Certification

of

Finances

Form Page 2


Declaration &

Certification

of

Finances

Form Page 3


Individual

Sponsor Letter

Example


Organization

Sponsor Letter

Example


Funding Example 1

What funding documentation is needed if a PhD student is awarded an

assistantship with a tuition waiver for four years only?

Documentation #1:

• Assistantship information in the referral in AY

Documentation #2:

• Personal bank statement(s) showing one year’s cost

OR

• Sponsor’s bank statement showing one year’s cost and signed

Declaration of Finances form (or signed letter of sponsorship)


Funding Example 2

What funding documentation is needed if a student is awarded an assistantship

and tuition waiver, but the support leaves them short $5000?

Documentation #1:

• Assistantship information in the referral in AY

Documentation #2:

• Personal bank statement(s) showing $5000

OR

• Sponsor’s bank statement showing $5000 and signed Declaration of

Finances form (or signed letter of sponsorship)

Note that if the shortage is different from year to year, proof of funding

needs to be provided for the greatest shortage amount.


Funding Example 3

What funding documentation is needed if the student’s parent will be funding

the student for the entire program?

Documentation #1:

• Parent’s bank statement showing one year’s total cost

Documentation #2:

• Signed Declaration of Finances form (or signed letter of sponsorship)


Funding Example 4

What funding documentation is needed if the student’s sister will be covering

years 1-2 and the student’s father will be covering years 3-5 of a PhD program?

Documentation #1:

• Sister’s bank statement showing one year’s total cost

AND

• Sister’s signed Declaration of Finances form (or signed letter of

sponsorship)

Documentation #2:

• Father’s bank statement showing one year’s total cost

AND

• Father’s signed Declaration of Finances form (or signed letter of

sponsorship)


Admissions Toolkit Available Online!








ApplyYourself Resources

Credential Evaluation Resources

English Proficiency Evaluation Resources

SEVIS and Financial Evaluation Resources

Admissions Policy and Forms Resources

http://www.grad.illinois.edu/admissions/staff_fac.htm

Also now available at top of Admissions Referral!


Q&A

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