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Proof of Funding

 

Proof of Funding Documentation 

Before issuing an I-20 or DS-2019, the University is required by law to verify that a student has the 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.  Marymount University does this by asking for documents to show that the funds are currently available for the full cost of the student’s first year of study and certification that funds will be provided for subsequent years.

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.

Students must provide the following in order to demonstrate financial ability to cover their studies in the U.S.:
 
  • Declaration of Finances form certifies the individual(s) who will financially sponsor the student'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. 
  • Proof of Funding to cover the estimated costs (see the Declaration of Finances form for detailed information related to estimated costs). Below is information about funding document requirements and sources of funding that may be accepted. 

Funding Document Requirements

Each document must:
  • Be presented in English
  • Be on letterhead of the agency issuing it, clearly showing:
  • Name of account holder(s)
  • Total amount available in the account (liquid funds)
  • Currency type
  • For non-U.S. banks or other issuing agencies, signature or stamp of the issuing agency official (Note: requirement also applies to computer-generated documents even if the document states that no signature is required) 
  • Date document was issued (must be within 1 year of your program start date)

Sources of Funding Accepted

See below for types of sources of funding to submit for review. 
 
We may accept:  
  • Bank summary statements or bank summary letters for:
    • Savings Accounts
    • Checking Accounts
    • Money Market, Fixed Deposit, Certificate of Deposit Accounts (Note: statement must clearly show or bank official must specify the amount of funds that are fully available to withdraw before your program start date)
  • Pre-approved education loan letter or certificate (Note: must specify name of student, dates valid, amount of loan, currency type, and any limitations)

  • Sponsorship/scholarship letters:

    • Government or sponsoring agency financial guarantee (must specify student's name, dates effective, program of study, amount of award, purpose of funding, and any limitations)

    • Corporate sponsorship letter (must specify student's name, amount of award, currency type, any limitations, and be signed by either the CEO or CFO)

    • Marymount University award letter (must specify student's name, amount of award, and award period)

    • Other scholarship award letter (must specify student's name, amount of award, and award period)

  • Stock portfolio from U.S. based investment companies only (80% of the value stated on the certificate, must be dated within one month of I-20 request submission date, and must have U.S. address in letterhead)
  • Gold certificate issued by a government agency, bank, or U.S. investment company
  
*We reserve the right to refuse documentation and to request additional documentation based on  your submission.   





 
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