As soon as you take a decision of studying abroad, the foremost thing to be sure about are your funds. It is very important to show that you have the financial support to cover your tuition fees and your living expenses.
On a discussion with Richard Lasrado, from Education Abroad Counseling Centre about the funds required for a student to obtain a US student visa, he says it will be clearly mentioned in your I-20 form. I-20 is the Certificate of Eligibility for Nonimmigrant (F-1) Student Status-For Academic and Language Students. This is issued by SEVP certified schools, where a student can get the supporting information about their F’s and M status. The I-20 will have the relevant information about the tuition fees, accommodation and living costs for a student during their course of study. In the US the academic year is of 9 months, so the funds required for 9 months will be mentioned in I-20. If you wish to study a 2 years master’s in US and they have mentioned $ 40,000 in your I-20 form, then you will have to show atleast $80,000. The $40,000 should be shown as your bank balance and the remaining $40,000 can be shown as bonds, fixed deposits, shares, debentures or mutual funds. If the student has lesser funds than what is required, then he/she will have to justify how they will be able to show the balance which will be necessary to study abroad.