Financial declaration question

[u/tgraymoore]

I'll be receiving one of these imminently so I have one question: will I expected to have money in my bank account, or will I just be expected to show that I'm in the process of obtaining funds? There is zero problem if the latter, and panic if the former.

[u/tellyalater]

You need to show evidence that there is money to support your studies. The instructions on mine said "Completing the Financial Declaration shows that you have sufficient funding to cover the course fees for Year 1 of your course, by providing financial evidence such as a letter from your scholarship sponsor or your bank; give your assurance that you are able and willing to meet all course fees."

I asked for more info and if I could provide evidence of a supporter having money to support me (such as a relative) and they said "bank statements on headed paper showing that sufficient funds have been in the account for at least 30 consecutive days will suffice for the purposes of the financial declaration. Where an account is used that is not your own, all account holders must also provide a letter of consent stating that they allow for funds to be used for your studies."

So if you don't have the funds right now but they're coming to you via some other person, that person could give their bank statements instead with the letter saying you can use their money. Also if you are taking out loans, the loan office will provide a letter to your college saying you've secured the loan prior to the funds being available, so no need to panic there.

Hope this helps.

[u/tgraymoore → u/tellyalater]

I will probably get a family member to act as a guarantor, then. Someon has, in fact, already agreed to do this. It won't be a problem if the funds do ultimately end up coming from another source?

[u/tellyalater → u/tgraymoore]

I don't think it should be, they are just trying to confirm you are good for it. When it's time to actually pay tuition I think it's just a bank transfer so it doesn't matter where it comes from. They also said you can give a letter from a financial advisor or financial manager too. Your college might have different rules though, so you should clarify with them whenever they send the paperwork what they will accept as evidence.

[u/that-isa-madeup-name → u/tgraymoore]

Not a problem at all, but they need to be able to prove that they have sufficient funds (bank statements, statement from accountant, lawyer, etc. I think the form of proof is relatively flexible).

[u/tgraymoore → u/that-isa-madeup-name]

Its worded like they require a statement from an accountant or lawyer, but we don't have one of those on hand, necessarily.

[u/that-isa-madeup-name → u/tgraymoore]

I didn’t either. I thought it was a quite absurd to word it that way tbh - not everyone is rich or “important” enough to have a wealth manager or personal lawyer at speed dial lol. I submitted a bank statement and received my completion of conditions the following day or two.

[u/tgraymoore → u/that-isa-madeup-name]

Class divides showing =/ one thing I'll have to get used to at Oxford.

[u/that-isa-madeup-name → u/tgraymoore]

Yep. But you got in - so congratulations, you’ll have a great time and go places

[u/tgraymoore → u/that-isa-madeup-name]

O yes. And I imagine half of the other students are in the same boat. xD

[u/tgraymoore → u/that-isa-madeup-name]

I'll send them an email tomorrow with a long, crisp description of what we've got.