Financial Documents for Students
Applying for a student visa in Spain is an excellent opportunity, but applicants will first need to meet various requirements. These documents represent that you have the financial means to support your expenses while you are in the country. Failing to produce these documents before your application can directly affect your student visa.
Remember, it is more than just providing bank account statements and a balance sheet. In the following article, we will go over all the guidelines that student visa applicants need to remember.
What Documents do you need to show Proof of Financial Means?
The first document requirement you need to show is a bank statement for the past 3-6 months, proving you have enough money to pay for your expenses as a student in Spain. So, it’s best to have the total amount required for the student visa added to your account and present for the designated period.
Bear in mind wages owed or gifts do not count in this. The authorities will assess the funds you already have in your account.
Students applying for visas in Spain under a guardian or a parent have to show a full notarised letter, accepting the complete financial responsibility of the student during their visa’s tenure. Your consulate can guide you on how to write this letter and submit it professionally.
The bank statement and the financial responsibility letter are the primary financial documents all applicants must attach to their applications. However, there are other essential requirements that you need to meet other than bank letters, financial statements, and scholarship letters. These can include your:
- Savings accounts
The better you can prove your financial stability as an international student in Spain, the more likely you are of getting your student visa approved. To sum it up, students with financial security have a higher chance of a student visa approval and studying the course of their choice.
How much money do you need to show to Cover your Expenses?
The exact requirement for showing money in your student application varies according to the courses you want to apply for. There’s a vast difference in requirements for short-term and long-term course applications. So, we will mention them below:
The duration of a course determines its status for student visa applicants in Spain. Fortunately, if you enroll for a course that ends in 90 days, you do not have to worry about the visa application.
Certain citizens can visit Spain without a visa for up to 90 days. However, you still have to show that you have sufficient money to pay for your expenses during your stay there. The exact cost per day varies among individuals, but the visa immigration authority claims all applicants need to show 96.50€ as an expense/per day. There is another 865.50€ fee (or equivalent in another currency) for applying.
Students that meet this requirement can quickly get their student visa for a short-term course. Remember that the student visa is only valid for 90 days, so if you need an extension, you need to go through a different process. Additional documents can show your financial independence during the extended period.
Researching a student visa extension requirement is better before finalising your application. The research will help you understand your case’s best visa option (short-term vs. long-term).
There are different requirements for applicants when applying from EU countries and non-EU ones. Understanding this difference is essential to avoid issues with student visa approval when needed.
Applicants from EU/EEA citizens must meet different requirements, depending on where they’re applying from. For instance, the non-EU applicants must add 100% of the minimum income indicator used in Spain (IPREM).
The relevant authorities reassess the IPREM value in every budget, which is 564.90€ per month (around US$655) for applicants in 2021. If you are unsure about the current requirement for the IPREM, you can consult with a professional and ensure you get approval for your student visa application in Spain.
Additionally, applicants must show the IPREM amount for each month they plan to stay enrolled in their long-term course. The easiest way to calculate the exact amount needed is to multiply the number of months of your long-term course with the IPREM amount.
Total IPREM = Months of enrolment in the long-term course X IPREM value
Fortunately, the applicants do not have to calculate and provide this amount themselves. Instead, a guardian or a parent can provide the IPREM amount during the student’s application process.
Personal Recommendation: While the IPREM amount required is easy to calculate using the formula we mentioned, it’s best to carry some extra money. Since you’re going to a completely new country to study, it doesn’t hurt to be a little extra careful.
Having extra money on your hands and the IPREM amount required can be an excellent way to ensure you live a comfortable life. It will also increase your chances of getting your application approved.
What are the other considerations to keep in mind?
We have covered the main ideas for the financial requirements, but there are some considerations related to the documents you should keep in mind.
- Always carry original copies of photographs of all the application documents
- Check for any documents that you need to translate
- Attach your scholarship letters to the set of documents you take