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The short answer
There is no fixed US government amount. Each school sets the figure on your I-20 from its own estimate of one year of tuition, fees and living costs, and you must show liquid funds covering it before the school issues the form. Schools publish the figure on their international admissions pages and usually want bank documents dated within about six months.
Who sets the number
For the UK and Canada, the government publishes a living-cost figure. The US works differently. The figure you must show sits on your Form I-20, and the school's international office calculates it. The University of Montana's I-20 page, for example, requires funds covering "the cost of attendance for one year of study" and points to its own expenses page for the amount (published 7 October 2026). Texas A&M International University asks for at least the minimum stated on its own financial statement form for 2026-2027.
That means two Nigerian students going to different universities, or even different programmes at the same one, can need very different amounts. Always use the figure the school publishes for your intake year, and do not rely on a number from a friend's I-20.
What the I-20 figure usually includes
- Tuition and mandatory fees for one academic year.
- Living costs: housing, food and local transport, as estimated by the school.
- Health insurance where the school requires it.
- Books and personal expenses.
- An extra amount for each dependant (spouse or child) coming on F-2, where the school sets one.
Scholarships, assistantships and fellowships awarded by the university count towards the total; TAMIU says any shortfall must come from another source. Loans can count at some schools: Montana accepts loan letters showing your name and the approved amount, but not loan applications.
Worked example: building the funding plan
Example only, using made-up figures. Suppose a school lists a one-year cost of $42,000 and has offered Chidi a $10,000 tuition scholarship. He must document $32,000 from other sources. His father's dollar domiciliary account holds $20,000, and his uncle in Texas will cover $12,000. $20,000 plus $12,000 is $32,000, so the plan meets the figure. He sends his father's statement and sponsor form, his uncle's statement and, because the uncle lives in the US, an I-134 declaration if the school asks for one.
Documents schools commonly accept
| Document | Typical rule (check your school) |
|---|---|
| Bank statement or bank letter | Dated within the last 6 months; shows bank name, account holder, date, balance, currency and account type (Montana) |
| Sponsor form | Each sponsor signs the school's financial responsibility or financial statement form |
| US-based sponsor | TAMIU asks US sponsors for Form I-134 and supporting documents |
| Loan letter | Approved loan in the student's name on lender letterhead; applications not accepted (Montana) |
| Scholarship letter | Award from the university counts towards the figure (TAMIU) |
Schools commonly refuse property, shares, bonds, retirement accounts, life insurance and tax returns as proof of funds, because the money is not immediately available (Montana; TAMIU). Our companion guide on I-20 financial documents goes through each one.
Showing naira funds against a dollar figure
Many Nigerian families hold part of the fund in naira. Schools differ on how they treat it. Montana asks that statements show the currency and that support amounts on its sponsor form are stated in US dollars. A school may convert naira balances itself at a rate it chooses on the day of review, which may differ from the rate you used, so ask the international office how it handles naira. If the naira weakens between your bank letter and the school's review, a balance that looked sufficient can come up short. A margin above the minimum, or holding the bulk of the fund in dollars, reduces that risk. Our guide to domiciliary versus multicurrency accounts explains the account choices.
Mistakes that delay an I-20
- Sending a statement older than the school allows, often six months, so the office asks again.
- Listing a sponsor without the sponsor's signed form.
- Relying on property or shares, which schools such as Montana and TAMIU do not accept.
- Using a loan application rather than an approved loan letter.
- Totals that do not add up to the published cost after scholarships.
- Names on statements that do not match the sponsor form.
Each of these sends the file back to you and can push your I-20, and then your visa appointment, back by weeks. Check the bundle against the school's own list before you upload it.
After the I-20: the visa interview
The school checks your funds to issue the I-20; the consular officer then decides the visa. The State Department says an officer may ask for evidence of how you will pay all educational, living and travel costs, and lists the visa application fee as $185 plus the separate SEVIS I-901 fee (checked October 2026). Take the same financial documents to the interview. See funding questions at the F-1 interview.
Where Pryme fits
Families often move money between naira and dollars while building the I-20 fund. A Pryme multicurrency account keeps USD and NGN separately and Swap converts only when you choose, with the rate shown first. Whether a school accepts a given statement is the school's decision, so check its list.
Questions people ask
How much is proof of funds for a US student visa from Nigeria?
There is no single figure. Your school sets it on the I-20 from its one-year cost of attendance, minus any scholarship it awards. Check the school's international admissions page for your intake.
Can my parents' bank statement be used for an I-20?
Yes. Schools accept sponsor funds when the sponsor signs the school's sponsor form and provides a recent statement, usually dated within 6 months.
Can a naira account be used for an I-20?
Schools usually ask for the currency to be shown and the support amount stated in US dollars. Check whether your school converts naira balances itself or wants a bank letter with a dollar equivalent.
Do I need to show money for the second year?
The I-20 shows one year. The consular officer may still ask how you will fund the rest of the programme, so be ready to explain.
Sources
- University of Montana: Financial Documents for I-20 (published 7 Oct 2026) · accessed Oct 2026
- Texas A&M International University: I-20 and DS-2019 financial documents · accessed Oct 2026
- US Department of State: Student Visa · accessed Oct 2026
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