As the dispute between the Nigerian federal government and the Academic Staff Union of Universities (ASUU) drags on for over six months, there’s a growing interest among students in pursuing their education abroad. However, with Proof of Funds (PoF) being a requirement for visa issuance, many Nigerians find this to be a barrier to studying in countries like Canada, the US, UK, and others.
Proof of Fund is an evidence, usually in the form of a bank, security, or custody statement, that shows a person can cover expenses for a stated period. This document certifies that an individual or institution has sufficient funds to complete a transaction. Essentially, it shows that students have the means to maintain their scholarship in future years and have enough liquid assets to pay for all future year costs to obtain their intended degree.
While the statement is usually issued by a commercial bank or custody agent to assure the Visa Officer, it’s crucial that students obtain their proof of fund legally to avoid jeopardizing their visa chances. The good news is that those who lack the required funding can consider alternative options without breaking the bank. Here are five legal alternatives to proof of funds for students looking to study abroad:
1. Scholarship Letter
Getting admitted on a scholarship, especially a fully funded one that covers living expenses, offers significant advantages. Students receiving support from a scholarship agency can attach an official scholarship letter detailing the terms and amounts of the award. Companies sponsoring scholarships can also provide a statement indicating the availability of the funds. However, for partially funded scholarships, students may need to show that they can cover the remaining costs not covered by the scholarship.
2. Study Loan
Students can apply for loans from companies and platforms that offer loans to international students. A letter from the loan company can serve as PoF. It’s crucial for students to understand the terms and conditions of the loan and ensure they meet the criteria required by lenders. This often includes having a creditworthy cosigner or being enrolled at least half-time at an eligible school. Some lenders consider the student’s career path and income potential to qualify them for a loan without a cosigner or collateral. Students on partial scholarships can also apply for loans to cover remaining expenses.
3. Sponsors’ Account
Many believe that PoF must come from their personal account, but this isn’t the case. The purpose of the account statement as proof of fund is to show that students can cover basic expenses while studying abroad. Thus, students don’t need to have the large sum in their account if they have a sponsor who does. Sponsors, ideally close relatives like parents or siblings, should provide a letter explaining their willingness to invest in the student’s education and evidence of their relationship.
4. Gift Deed
A Gift Deed is similar to using a sponsor’s account. It serves as documentary evidence of the act of gifting. If a friend or family member sends a bulk amount into your account or wills property to you before you obtain your statement of account, you need to draft an explanation that assures the Visa Officer the money was gifted for valid reasons. Close relatives like parents or siblings may not need a gift deed, as their Affidavit of Sponsorship or sponsorship letter with a bank statement is usually sufficient.
5. Defer Admission
Deferring admission is a last resort when other options aren’t viable. Students can defer their admission to the following year to build their accounts and save the required amount. While this might seem disheartening after the effort to secure admission, it’s better than taking illegal measures to shore up money in the account.
