How to Fund Study Abroad using Family Assets

It is extremely difficult for a Chinese student to receive a full scholarship from a U.S. university or college for his/her undergraduate studies. Hence, you should talk to your parents to know whether your family's economic condition allows you to study abroad, before you make any decision and start your test preparation. Fund sources can come from the following ways:

1.Family savings

A U.S. visa does not explicitly require the least deposit period, but usually a certificate of deposit used for studying abroad should be at least six months old. The best way to do it is making deposits periodically. Of course, the exact amount of money needed should be based on the tuition and the living expenses for the university. Generally speaking, it should meet the required four years of studying and living expenses. If money has been deposited in the bank for a long time, it is easy for the U.S. consulate to trust the authenticity of fund sources. But as long as there is sufficient evidence to prove the authenticity of the fund sources, the US consulate will still find it credible.

For a family who rushes in making their decision to study abroad, if the family does not have the certificates of deposit that meet the above requirements, the ownership of the assets can be proven by combining the certificates of deposit with all bank transfer documents. The family can also provide the evidence of dividends issued by companies. Private property owners can prove their home equality. Thus even if the deposits have less than a six month holding period, you can still gain the U.S. consulate's trust. Immediately after banks issue the certification for your certificates of deposits, your deposits will be frozen for a certain period of time and cannot be withdrawn.

2. Secured and collateral bank loan

You can obtain loans from home equality, or from the certificates of deposits to obtain the study abroad funds. Equality loans are generally no more than 60% of the property's assessed value; while the loan from the security deposits can be up to 90% of the deposit amount.

3. Study abroad loans

Study abroad loans have two categories: study abroad RMB loans and study abroad foreign currency loan. Study abroad loans are issued to the borrower to cover the costs of pursuing for pre-university studies or undergraduate's, master's, doctoral studies (including international travel expenses). Also, the loans are divided into loans for obtaining a visa prior to studying abroad and education loans during the study. Study abroad loans in general can be ready within 3-5 working days. Banks that currently offer the loans are: Bank of China, China Everbright Bank 、China Merchants Bank and so on.

4. On-campus Jobs (Chinese translation: 校内打工)

The U.S. Immigration and Naturalization Bureau (INS) allows a foreign student who holds a F-1 student visa to work 20 hours per week in the school, and work 40 hours during holidays. The hourly wage should not be less than $ 7.25. Hence, students can earn 6,000 to 8,000 dollars or more a year.

Jobs in the school generally are library jobs ( checking students documents, sorting books, etc.), jobs in computer rooms (updating software, changing printer paper or ink cartridges), dormitory management (front desk, mail, event planning, checking ID, cleaning, etc.), the fitness center (filling air into basketballs, managing rackets, cleaning locker rooms, etc), student services center (student registration, vaccination records, etc.), student restaurants, campus bookstores. You also need to be careful not to let your work affect your college studies, which does more harm than good.