11/09/2023
5 Alternative To 'Proof Of Fund' To Consider When Applying For Studies In Canada.
However, with proof of funds(POF) as requirement to issue Visa at the embassy ,a lot of Nigerians consider this a bias to studying in countries like Canada, the US, UK and others.
Proof of funds is an evidence, usually in the form of a bank, security or custody statement that shows a person is a able to cover expenses for a stated period of time. This is usually in the form of documentation that certifies that an individual or institution has sufficient funds to complete a transaction . Fundamentally, it is the proof that shows students have sufficient chance to maintain their scholarship in future years and have sufficient liquid assets to pay for all of the future year costs to obtain thier intended college degree.
while the statement is usually issued by a commercial bank or custody agent to provide confidence or assurance to the Visa officer, it is important that students follow the legal way to obtaining their proof of funds to avoid running their chances of getting a visa.
The good news is that those who do not have the required funding in thier account to provide as POF can consider healthy alternatives without necessarily breaking the bank. Nairametrics outlines five legal alternatives to proof funds for students looking to study abroad;
1. Scholarship Letter
Admission on Scholarship - especially fully funded scholarship that covers living expenses- has a lot of advantages over those taht are not. Those receiving support from a scholarship agency can attach an official scholarship letter taht explains the terms and the amounts of the awards.
Also, companies sponsoring scholarship can provide a statement that indicates they have the amount currently available. For scholarships that are not fully funded, however, students may need to show officials that they have cash or promise of cash ton pay the remainder of that cost not covered by your scholarship.
2. Study Loan
Students can apply for loans from companies and platforms that offer loans to international students and presents the letter by the loan company to serve ad POF. meanwhile, it is essential that students understand the terms and conditions given by any platforms they are dealing with and also check through to ensure they meet the criteria required by lenders; which in most cases, includes having a creditworthy cosigner or being enrolled at least half time at an eligible school.
Notably, lenders that do not require a cosigner usually put into consideration the potentialof the borower, for the example, some lenders consider students' career path and income potential to qualify them for student loan without a cosigner or collateral.
Students who are on partial scholarship tuition fees basically can apply for loans to cover the remaining expenses.
3. Sponsors' account
When it comes to presenting POF for the purpose of international travel, a lot of people believe that it has much to do with their personal account, however, this is not the case.
The essence of the statement of account presented as proof of fund is to show that students will be able to cover basic expenses while studying in their preferred country of chioce. On the basis, students intending to study abroad do not need to have the required laege sum in their account.
Sponsors, preferably ones with close ties such as parents, or siblings, will need to write a letter explaining why they are willing to invest in ones's education as well evidence of the relationship.
4. Gift Deed
Gift deed is another option close to using sponsor's account. A gift deed acts as documentary evidence of the act of fighting. In this case, if a friend or family member sends a bulk ammount into your account or will property to you before you obtain your statement of account, then you have to draft an explanation attributable to this person which effectively assures the Visa officers that the money has been gifted to you for valid reasons.
Notably, students who have sponsors that are close relatives like parents or sibblings, don't necessarily need a gift deed as their Affidavit of sponsorship or sponsorship letter in addition to a bank statement will be considerd.
5. Defer admission
This is usually the last option to consider when other options are not viable. Admission can always be deferred till the following year or next. This is to allow studends to build their accounts and save up to the required amount.
While this may seems like a difficult thing to do, considering the whole effort put into securing admission, it is way better than having to go about the illegal way just to shore up money in the account.
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