Proof of Finances

In order to get a DS-2019 document (used to apply for a J-1 student visa), exchange students must prove they have sufficient funds to cover estimated costs of their time at Drake.  Estimated costs for 2017-18 are outlined below. Students must complete the Proof of Finances for Exchange, showing they have funds to cover these costs, and upload it onto the Terra Dotta application.

Examples of supporting documentation include:
    -letters verifying compensation from an employer
    -bank statements showing sufficient funds on deposit
    -verification of financial aid or scholarships. 
You will need to present these same documents when you apply for a visa.

The Proof of Finances form does not need to be submitted with your application and transcripts, but Drake cannot prepare your DS until form and documentation is received.


Drake University Exchange Cost Estimates 2017-2018
(You must prove you have resources equivalent to these amounts)

 

Fall 2017

Spring 2018

 Living Expenses

 $ 5,079

($6,320 for Law)

 $ 5,079

($6,320 for Law)

Books

$   550
($1,000 for Law)

$   550
($1,000 for Law)

Insurance

$   750

$  750

 Personal Expenses

$   1000

($1450 for Law)

$   1000

($1450 for Law)

Total*

 $7,379
($9,520 for Law)

 $7,379
($9,520 for Law)

Two Semesters:  $14,758 for undergraduates  ($19,040 for Law)

Further explanation of estimates:

Living expenses:
For undergraduate students this covers a shared room in the Drake residence halls and a full meal plan.  Students will receive a Residence Hall Contract when they are accepted for exchange and must submit a $250 deposit with the contract prior to their arrival at Drake.  This serves as a damage deposit and is refundable upon completion of the exchange if no damage charges are incurred.  For law exchange applicants, Living Expenses includes the estimated cost of an apartment rental, utilities, groceries, kitchen supplies, etc.

Books:
Books in the US are expensive.  Law students’ book expenses will be higher than other students, depending on courses taken.

Insurance:
Drake has an insurance program that exchange students are required to purchase.  This is required even if you already have another insurance policy. Fall coverage is August 1 – December 31. Spring coverage is January 1 – May 31.  If you travel in the US after your exchange ends, you will be covered within these dates.

Personal expenses:
This comprehensive estimate includes local transportation, phone, campus activities, medical co-pays, laundry, community events, entertainment, postage/packages/gifts, school supplies and personal needs such as shampoo or aspirin.

* TOTAL for University of KwaZulu-Natal students:
The UKZN exchange agreement requires proof of sufficient funds to cover Books, Insurance and Personal Expenses.  Living Expenses are covered by the agreement, but UKZN students are required to pay the usual $250 residence hall deposit.  The deposit will be refunded upon departure if there has been no damage to the room. Therefore, estimated costs for UKZN students are $2,950 for Fall, $2,950 for Spring, and $4,600 for two semesters; plus the residence hall deposit.

University News
December 8, 2017
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