ESTIMATED EXPENSES
To issue your I-20, OIA is required to verify your financial ability to cover estimated expenses for one academic year (Fall/Spring, 9 months), or the duration of programs less than one year.
For your I-20 application, you will need to prepare a financial statement showing funds, either yours, your sponsor, or a combination The total amount of your financial statement(s) must contain the minimum estimated expenses U.S. Dollar (USD) amount. The funds must be liquid, meaning easily and immediately accessible, and showing the equivalent total below.
Undergraduate Degree: $94,968
Graduate Degree : $94,456
Pratt Munson: $66,142
SCPS Certificate: 3 semesters: $44,764, 1 semester: $22,382
Undergraduate Exchange: $9,000
Graduate GID Program: $9,000
Pre College Summer Program: $8,153
F-2 dependents: Spouse: $12,000; Child: $8,000
If you are awarded a Pratt scholarship, you can deduct the award (per academic year) from the above amount, and specify the scholarship amount for one academic year within the I-20 application.
Regardless of your personal situation, OIA cannot negotiate the standard amount you need to show for the I-20 issuance. If you have a legal spouse and/or child under 21 you wish to bring as F-2, contact OIA@pratt.edu.
FINANCIAL STATEMENT POLICY
Most common financial statements:
Bank statement or bank letter
Scholarship letter
Approved loan letter
Acceptable statement requirements:
Dated within the last six months
List name of the account holder
Show exact account balance and type of currency (example BRL)
Be on official letterhead and include name and contact details for financial institution/sponsoring entity
Be in English – or translated to English (upload both documents if translated)
Multiple statements from multiple sources are accepted if needed. OIA uses a currency converter (xe.com) to convert any non-USD balances to USD.
We cannot accept:
Salary letters/pay checks/job offer
Mutual funds or stocks
Retirement accounts
Equities
Life insurance
Mortgage or other proof of assets
AFFIDAVIT OF SUPPORT
If your financial statement is not in your own name (the student), an affidavit of support is also required. If your family member is providing their bank statement as your sponsor, you should ask them to provide the affidavit of support with their bank statement. If your sponsor is a company, organization, or government, they may provide a separate affidavit of support or award letter on letterhead with a signature. Electronic signatures are acceptable. Only typing the name is not acceptable.
ESTIMATES DISCLAIMER
Estimated expenses for I-20 purposes are are generalized by degree level and only used for the purpose of your I-20 issuance. OIA calculated the total amount from our standard estimates for the 2024-2025 academic year (OneKey login required). Your actual costs, for example exact tuition cost, housing cost, computer/software needs, etc., will vary depending on your specific academic program and your individual personal situation/choices. You can explore cost of attendance details further at the admissions webpages for Undergraduate and Graduate students.
OTHER FINANCIAL MATTERS
As healthcare in the U.S. is incredibly expensive, Pratt requires all students to hold our standard health insurance coverage, or submit a waiver request showing coverage by a similar alternative plan. Even with health insurance, medical expenses can be significant.
OIA warns incoming students that the cost of living in NYC is very high. International students have extremely limited employment options inside the U.S. You should not plan to fund your studies through work. In addition, international students are not eligible for need-based aid, scholarships, and governmental assistance.
It is important to be aware that cost of living can rise during your time at Pratt, and decline in your home currency can unexpectedly decrease your available USD funds. We urge students and their sponsors to have realistic plans for increasing financial demands. You should also anticipate additional unexpected expenses during the course of your study. For example, academic delay, emergency travel, technological expenses, medical costs, etc.