{"id":32212,"date":"2024-07-22T22:27:09","date_gmt":"2024-07-23T02:27:09","guid":{"rendered":"https:\/\/marymount.edu\/academics\/?page_id=32212"},"modified":"2024-07-22T22:27:44","modified_gmt":"2024-07-23T02:27:44","slug":"proof-of-funding-for-f-1-j-1-students","status":"publish","type":"page","link":"https:\/\/marymount.edu\/academics\/center-global-engagement\/international-admissions\/banking-money\/proof-of-funding-for-f-1-j-1-students\/","title":{"rendered":"Proof of Funding for F-1\/J-1 Students"},"content":{"rendered":"<h3>What is Proof of Funding?<\/h3>\n<p>Before issuing an I-20 or DS-2019, Marymount University is required by SEVP, U.S. Homeland Security to verify that a student has available funds to cover the cost of his or her academic program. The U.S. Department of Homeland Security mandates that students should be able to demonstrate financial support for an academic school year that includes tuition, housing, health insurance, food, and other expenses.\u00a0 Marymount University does this by asking for documents to show that the funds are currently available for the full cost of the student\u2019s first year of study and certification that funds will be provided for subsequent years.<\/p>\n<p>Marymount University provides an annual calculation of the amount of funding estimated to be required based on the cost of living in the DC metro area. Even if you will not live on campus, or you will have more affordable accommodations, you still need to show the estimated amount to cover living expenses on and around campus.<\/p>\n<ul>\n<li>The Marymount <a href=\"https:\/\/marymount.edu\/academics\/center-global-engagement\/international-admissions\/banking-money\/\">Declaration of Finances<\/a>\u00a0form certifies the individual(s) who\u00a0will financially sponsor the student&#8217;s education and related expenses. The student must complete and sign the form, regardless of their funding source, even if they are receiving sponsorship from a government or other entity. If the student will be financially sponsored by an individual, then the individual sponsor(s) must also complete and sign the form. Note: we do not accept typed names as signatures.<\/li>\n<\/ul>\n<p>The <a href=\"https:\/\/marymount.edu\/academics\/center-global-engagement\/international-admissions\/banking-money\/\">Declaration of Finances<\/a> form details the estimated costs by program. Proof of funding documentation is the evidence that shows that a student has available funds to cover the estimated total cost for at least one year of their program.<\/p>\n<h3>Proof of Funding Document Requirements<\/h3>\n<p>Students must submit proof of funding along with their Declaration of Finances, and other required documents, when requesting an I-20 from Marymount University.<\/p>\n<p>Before submitting proof of funding documents via the ISSS portal, make sure that each document:<\/p>\n<ul>\n<li>is presented <strong>in English<\/strong>. If the document is not in English, use a certified translator to provide a translation of the document. Submit both the original document and the translation.<\/li>\n<li>is on the <strong>official letterhead<\/strong> of the agency issuing it, which must at minimum include the name of the issuing agency and contact details.<\/li>\n<li>states the <strong>name of the account holder<\/strong>. The name of the account holder, if an individual, must match the funding sponsor name included on page 2 of the Declaration of Finances form.<\/li>\n<li>clearly shows the <strong>total amount available<\/strong> in the account (liquid funds).<\/li>\n<li>clearly shows <strong>currency type<\/strong>.<\/li>\n<li>clearly shows the<strong> date of document issue<\/strong> (must be within 1 calendar year of the student&#8217;s planned program start date).<\/li>\n<li>clearly shows the <strong>signature of the issuing official or stamp of the issuing agency<\/strong>. This requirement also applies to computer-generated documents, even if the document states that no signature is required, and to documents that provide a computer-generated QR code. Exception: U.S. bank statements are not required to have a signature or stamp.<\/li>\n<\/ul>\n<h3>Sources of Funding Accepted<\/h3>\n<p>Proof of funding submitted via the ISSS portal must meet all of the document requirements stated above.<\/p>\n<p>Some types of documents accepted have additional document requirements (noted below).<\/p>\n<p>Proof of funding documents that do not meet the stated requirements will not be accepted. Marymount reserves the right to refuse a document as proof of funding.<\/p>\n<h4>We may accept:<\/h4>\n<h5>Bank summary statements or bank summary letters:<\/h5>\n<ul>\n<li>savings account(s)<\/li>\n<li>checking account(s)<\/li>\n<li>money market account(s)<\/li>\n<li>fixed deposit or certificate of deposit account(s) if the statement clearly shows, or the bank official specifies, the amount of funds that are fully available to withdraw before your program start date.<\/li>\n<li>Please do not submit detailed monthly transaction statements.<\/li>\n<\/ul>\n<h5>Pre-approved education loan letter or certificate:<\/h5>\n<ul>\n<li>document must specify the student&#8217;s name, dates valid, amount of loan, currency type, and any limitations of the loan.<\/li>\n<li>offer must be signed by an authorized representative of the lending agency<\/li>\n<\/ul>\n<h5>Government sponsorship or scholarship letters:<\/h5>\n<ul>\n<li>financial guarantee must specify the student&#8217;s name, dates valid, program of study, amount of award, purpose of funding, and any limitations.<\/li>\n<li>Must state that tuition and fees will be paid in full, otherwise student must show additional proof of funding for the balance amount.<\/li>\n<li>Must state the specific amount student will receive for stipend (living expenses). <a href=\"#sacm\">SACM sponsored students: see specific requirements<\/a>.<\/li>\n<\/ul>\n<h5>Corporate sponsorship letters:<\/h5>\n<ul>\n<li>must specify the student&#8217;s name, valid date(s), amount of award, currency type, any limitations, and be signed by either the CEO or CFO. The person signing the corporate sponsorship letter must have the authority to commit the funds.<\/li>\n<li>during the review process, we may require additional evidence, which may include, but may not be limited to, a corporate bank statement and\/or business registration\/license. Any additional evidence must also follow proof of funding document requirements stated earlier.<\/li>\n<li>contact isss@marymount.edu before submitting a corporate sponsorship letter, if you have questions.<\/li>\n<\/ul>\n<h5>Marymount University award letter:<\/h5>\n<ul>\n<li>must specify the student&#8217;s name, amount of award, and award period.<\/li>\n<\/ul>\n<h5>Other scholarship award letters:<\/h5>\n<ul>\n<li>must specify the student&#8217;s name, amount of award, and award period.<\/li>\n<\/ul>\n<h5>Stock portfolio statement:<\/h5>\n<ul>\n<li>only accepted from a U.S.-based investment company. Must be a U.S. company with a U.S. address on the letterhead.<\/li>\n<li>must be dated within 1 month of the I-20 request submission date.<\/li>\n<li>80 percent of the value stated on the certificate will be considered the available amount.<\/li>\n<li>cannot be a retirement investment fund.<\/li>\n<\/ul>\n<p>If a proof of funding document is submitted that does not meet requirements, ISSS will notify you through your Marymount student email account that your I-20 request is in Clarification Requested status. You must provide updated or new proof of funding and submit your I-20 request again via the ISSS portal. This may delay issuance of your I-20.<\/p>\n<h4 id=\"sacm\">SACM-Sponsored Proof of Stipend (Living Expenses)<\/h4>\n<p><em>Effective for programs with a start date of Spring 2025 and\/or program extensions that begin Spring 2025 or later.\u00a0<\/em><\/p>\n<p>Saudi Arabian sponsored students whom are recipients of a government scholarship and who expect to have their scholarship administered through the Saudi Arabia Cultural Mission (SACM), must follow Marymount University\u2019s proof of funding requirements for I-20 issuance.<\/p>\n<p>Marymount University proceeds in good faith that SACM will pay full tuition and fees in accordance with published cost of attendance and as indicated within a SACM letter of financial guarantee;<\/p>\n<p>Similarly, the University will proceed on good faith that SACM will provide the student with a stipend to cover living expenses, such as housing, transportation, food, books, etc. consistent with the following:<\/p>\n<ul>\n<li>Stipend for the student is expected to be $1,733 per month total<\/li>\n<li>Stipend for the student + spouse is expected to be $3,466 per month total<\/li>\n<li>Stipend for each child is expected to be $216 per month in addition to either the student (single) or student + spouse (married) stipend amount<\/li>\n<\/ul>\n<h5>A student awarded a Government of the Kingdom of Saudi Arabia scholarship, which will be administered through SACM, must show:<\/h5>\n<p>Financial Guarantee for I-20 <em>or<\/em> Financial Guarantee for Visa Purposes <em>or<\/em> Financial Guarantee for Admission Purposes Only. The student can download this type of document from their scholarship portal. The document must include:<\/p>\n<ul>\n<li>Marymount University\u2019s name<\/li>\n<li>Student\u2019s full name, degree level, and major name<\/li>\n<li>Validity dates (effective date; void date)<\/li>\n<li>Statement of costs covered by the scholarship, such as tuition and fees, stipend, health insurance, etc.<\/li>\n<li>Any limitations<\/li>\n<li>On letterhead with contact information and signed by issuing authority<\/li>\n<\/ul>\n<p><strong>In some situations, a SACM sponsored student will need to show additional funding from another source (such as personal or individual sponsor) in order to meet Marymount University&#8217;s requirements for living expenses, based on (for Academic Year 2024-2025):<\/strong><\/p>\n<table style=\"width: 93.6243%\" width=\"667\">\n<tbody>\n<tr>\n<td style=\"width: 26.2369%\" width=\"150\"><strong>UNDERGRADUATE<\/strong><\/td>\n<td style=\"width: 17.5412%\" width=\"129\"><strong>Required Funding<\/strong><\/td>\n<td style=\"width: 24.5877%\" width=\"173\"><strong>Presumed SACM Stipend<\/strong><\/td>\n<td style=\"width: 66.0288%\" width=\"215\"><strong>Must Show Additional Funding<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 26.2369%\" width=\"150\">Student (single) only<\/td>\n<td style=\"width: 17.5412%\" width=\"129\">$17,000<\/td>\n<td style=\"width: 24.5877%\" width=\"173\">$15,597<\/td>\n<td style=\"width: 66.0288%\" width=\"215\">$1,403 if single student<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 26.2369%\" width=\"150\">Student + Spouse<\/td>\n<td style=\"width: 17.5412%\" width=\"129\">$25,000<\/td>\n<td style=\"width: 24.5877%\" width=\"173\">$31,194<\/td>\n<td style=\"width: 66.0288%\" width=\"215\">N\/A if student + spouse<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 26.2369%\" width=\"150\">Each child<\/td>\n<td style=\"width: 17.5412%\" width=\"129\">$5,500<\/td>\n<td style=\"width: 24.5877%\" width=\"173\">$1,944<\/td>\n<td style=\"width: 66.0288%\" width=\"215\">Calculated on case-by-case basis<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 26.2369%\" width=\"150\"><strong>GRADUATE STUDENT<\/strong><\/td>\n<td style=\"width: 17.5412%\" width=\"129\"><strong>Required Funding<\/strong><\/td>\n<td style=\"width: 24.5877%\" width=\"173\"><strong>Presumed SACM Stipend<\/strong><\/td>\n<td style=\"width: 66.0288%\" width=\"215\"><strong>Must Show Additional Funding<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 26.2369%\" width=\"150\">Student (single) only<\/td>\n<td style=\"width: 17.5412%\" width=\"129\">$24, 318<\/td>\n<td style=\"width: 24.5877%\" width=\"173\">$15,597<\/td>\n<td style=\"width: 66.0288%\" width=\"215\">$8,721 if single student<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 26.2369%\" width=\"150\">Student + Spouse<\/td>\n<td style=\"width: 17.5412%\" width=\"129\">$32,318<\/td>\n<td style=\"width: 24.5877%\" width=\"173\">$31,194<\/td>\n<td style=\"width: 66.0288%\" width=\"215\">$1,124 if student + spouse<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 26.2369%\" width=\"150\">Each child<\/td>\n<td style=\"width: 17.5412%\" width=\"129\">$5,500<\/td>\n<td style=\"width: 24.5877%\" width=\"173\">$1,944<\/td>\n<td style=\"width: 66.0288%\" width=\"215\">$3,556 <em>per<\/em> child<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>If the student submits documentation that SACM funding is greater than presumed above, the University will consider the higher funding amount when calculating the additional funds that the student must show.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 8pt\">07\/22\/2024<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is Proof of Funding? Before issuing an I-20 or DS-2019, Marymount University is required by SEVP, U.S. Homeland Security to verify that a student has available funds to cover the cost of his or her academic program. The U.S. Department of Homeland Security mandates that students should be able to demonstrate financial support for [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/marymount.edu\/academics\/center-global-engagement\/international-admissions\/banking-money\/proof-of-funding-for-f-1-j-1-students\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":241,"featured_media":0,"parent":3046,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/left-sidebarpage.php","meta":{"_acf_changed":false,"_lmt_disableupdate":"no","_lmt_disable":"","ngg_post_thumbnail":0,"footnotes":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Proof of Funding for F-1\/J-1 Students - Marymount University<\/title>\n<meta name=\"description\" content=\"What is Proof of Funding? 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