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Start managing your finances for Visa from now on
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m_going_crazy Offline
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Post: #1
Start managing your finances for Visa from now on
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Hi All,

I have been on edulix for a long time now and the trend I have seen is that people do stupid things and try to manipulate their finances at the very end(june/july) i.e. just before their Visa interview.

Now you guys must be wondering what is this thread doing here. I have intentionally posted it on this forum as all of you are still in the process of applying and getting the admits and must start worrying about you financial s for the VI from now on and plan things accordingly.

-> Adding laks of Rs in ur accounts all of a sudden can be a problem
->Telling a lie about sale of property
-> Sponsors coming up all of a sudden
-> Recent FDs, more than 2-3 sponsors just before the VI
etc etc

I would be glad to answer any question related to ur finances for visa n application process upto best of my abilities and also request my seniors and other people who joined the univs with me last fall to help me out in this effort.

Please try to keep this thread here & not in Visa forum as this is for early planning of financial documents...

Hope it helps
m_going_crazy

LETS GOOGLE....
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http://www.edulix.com/infobank/show_profile.php?uid=959
[img]http://www.syr.edu/images/universityEmblemHomePage.jpg[/img]
01-18-2008 07:33 PM
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Techie_v2.0 Offline
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Post: #2
RE: Start managing your finances for Visa from now on
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Welcome back dude. Nice post. Eye opener for many appers. Think it would be better to move it to the Finances Forum

Second home | Forum searching is GIGO. Expect what you throw in.
01-18-2008 07:43 PM
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m_going_crazy Offline
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Post: #3
RE: Start managing your finances for Visa from now on
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I would say keep it here as people here are at the stage of applying n then move it to visa at a later date so that they can refer it later as well. I will try to keep this thread active...
I am saying this coz there are not many people who go to finance forum regularly and managing finances is important...
To keep this issue active till the applications i guess this is the right place... everything else is upto the moderators ..no probs wid me Smile Smile

LETS GOOGLE....
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http://www.edulix.com/infobank/show_profile.php?uid=959
[img]http://www.syr.edu/images/universityEmblemHomePage.jpg[/img]
(This post was last modified: 01-18-2008 07:54 PM by m_going_crazy.)
01-18-2008 07:52 PM
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Zeus Offline
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Post: #4
RE: Start managing your finances for Visa from now on
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i guess its better if this thread is kept here...... usually everyone goes to finance forum only after they have got admit ...

Also its not a joke or a days job to manage finances for Visa..... Smile

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01-18-2008 08:07 PM
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repeat_1320 Offline
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Post: #5
RE: Start managing your finances for Visa from now on
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i have been regularly depositing amnts in the account like 20-30K at ten day intevals. is it fine ?

01-18-2008 08:40 PM
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harip.kumar Offline
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Post: #6
RE: Start managing your finances for Visa from now on
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nice initiative m_going_crazy...
thanx Smile

<b><font size=5 color=#CC9900><pre> Buzz ! </pre></font></b><a href="http://www.edulix.com/infobank/show_profile.php?uid=6026"><img src = "http://www.tagsandflags.com/M-GeorgiaTech1.JPG" height=100 width=350> </a>
01-18-2008 09:10 PM
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shabarcs Offline
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Post: #7
RE: Start managing your finances for Visa from now on
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good thinking m_going_crazy....i have a few doubts..i should be receiving my i20 in a few weeks..
What would be the best time to apply for a visa?
Is it essential to show financial support for the full amount on the i20 or is it ok to show enough for the 1st semester?
01-18-2008 09:45 PM
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harip.kumar Offline
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Post: #8
RE: Start managing your finances for Visa from now on
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m_going_crazy Wrote:-> Adding laks of Rs in ur accounts all of a sudden can be a problem

Can some stocks be sold and deposited in savings A/c at this point of time ?

<b><font size=5 color=#CC9900><pre> Buzz ! </pre></font></b><a href="http://www.edulix.com/infobank/show_profile.php?uid=6026"><img src = "http://www.tagsandflags.com/M-GeorgiaTech1.JPG" height=100 width=350> </a>
01-18-2008 09:59 PM
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Techie_v2.0 Offline
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RE: Start managing your finances for Visa from now on
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@hari: perfectly fine afaik

Second home | Forum searching is GIGO. Expect what you throw in.
01-18-2008 10:04 PM
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bolero Offline
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RE: Start managing your finances for Visa from now on
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what about people who would be depending upon loan for MS? loan can be got only after an i20 right? so what can I do?

01-18-2008 10:19 PM
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Avalon Offline
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RE: Start managing your finances for Visa from now on
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m_going_crazy Wrote:-> Sponsors coming up all of a sudden
-> Recent FDs, more than 2-3 sponsors just before the VI

Nice initiative Smile

Can u explain above two points?
I am planning to add 2 co-sponsors (along with one main sponsor).

Do u mean, I should mention their name in Univ specific financial responsibility form.

PS: I havn't send any financial docs yet. Planning to send after an admit.

University of Minnesota, Computer Science (Fall 2008 - Spring 2010)
01-18-2008 10:24 PM
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m_going_crazy Offline
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repeat_1320 Wrote:i have been regularly depositing amnts in the account like 20-30K at ten day intevals. is it fine ?
yeah looks good as there is a lot of time and money building regularly in ur account is a good sign of your finances + if the money stays there for more than 4-5 months till ur VI... it leaves no doubt in the mind of the VO that its your money...Smile Smile

LETS GOOGLE....
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http://www.edulix.com/infobank/show_profile.php?uid=959
[img]http://www.syr.edu/images/universityEmblemHomePage.jpg[/img]
01-18-2008 10:57 PM
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RE: Start managing your finances for Visa from now on
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@bolero: usually what people suggest is not to show your loan as source of funds for the first year since you need to show liquid funds/stocks for an amount equal to the first year's expenses as stated on the school's I20 document.

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01-18-2008 10:59 PM
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m_going_crazy Offline
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RE: Start managing your finances for Visa from now on
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@shabarcs
Quote:good thinking m_going_crazy....i have a few doubts..i should be receiving my i20 in a few weeks..
What would be the best time to apply for a visa?
if u r in college june end to july end is fine coz by that time ur result would be out
if u r working somewhere its always better to be done wid VI by june mid so that u get enough time to resign and complete ur notice period...

Is it essential to show financial support for the full amount on the i20 or is it ok to show enough for the 1st semester?
I would say go by the univ website but showing amount more than 1 year is good...if u can show it for complete MS i.e u include ur loan etc or a letter from bank that u can get a loan worth XX Laks it would be just perfect.. I showed the complete amount for my MS that included my loan letter (expected) and other finances...
@hari
Quote: Can some stocks be sold and deposited in savings A/c at this point of time
yeah it would do but keep the supporting docs ready and in order... Leave no space for doubt....

@bolero
Quote:what about people who would be depending upon loan for MS? loan can be got only after an i20 right? so what can I do?
yeah true..u wont get a loan before u have ur i-20 so, show the money u have in ur accounts and take a letter from the bank with the text having meaning --- u will get XX Lacs of Rs as an educational loan if u get an admit from univ in USA etc etc..this will jst show that u can get money for ur studies n not that u have been granted a loan..i did this n it worked
Techie_v2.0 Wrote:@bolero: usually what people suggest is not to show your loan as source of funds for the first year since you need to show liquid funds/stocks for an amount equal to the first year's expenses as stated on the school's I20 document.
second that...liquid cash etc for 1st year + loan would certainly be a better idea...do not depend completely on loan for ur studies and admit...


Avalon Wrote:
m_going_crazy Wrote:-> Sponsors coming up all of a sudden
it was jst a way to explain the situation Smile Smile
-> Recent FDs, more than 2-3 sponsors just before the VI

Nice initiative Smile

Can u explain above two points?
I am planning to add 2 co-sponsors (along with one main sponsor).
These things usually work but there is always an element of uncertainty when u have more than 2 sponsors..its better u have 2 sponsors...try to manage it somehow...yeah if the sponsors are ur parents and grandparents its much better...

Do u mean, I should mention their name in Univ specific financial responsibility form.
call them family funds in that case...avoid parents/self sponsored etc...No need to write their names(depends on univ specific form as well)...as far as my experience goes if u have more than 2 sponsors family funds is any day a better choice...

PS: I havn't send any financial docs yet. Planning to send after an admit.
Others may also comment...

LETS GOOGLE....
-----------------------------------------------------
http://www.edulix.com/infobank/show_profile.php?uid=959
[img]http://www.syr.edu/images/universityEmblemHomePage.jpg[/img]
(This post was last modified: 01-18-2008 11:31 PM by m_going_crazy.)
01-18-2008 11:11 PM
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sudhakar0828 Offline
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Post: #15
RE: Start managing your finances for Visa from now on
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@repeat,

when ever u deposit money..try to do odd amounts.

instead of round 20,000 or 30,000...try to deposit 19758..29101
even making of fds..try to do odd amounts...101752...211458 ..
coz, tomoro u can defend that they are the small investments ur sponsorers/parents made for ur education in high yielding sources ...and now accumulated for ur education abroad.

sudhakar
01-18-2008 11:28 PM
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