A support letter is a proclamation that the writer will support a person or cause. A financial support letter for a family member is usually for attending college or other educational program. Today, many students need to go into huge debt in order to attend college.
If a student has a parent or family member who is willing and able to pay for his or her college education, they will be much better off financially when they graduate than students who needed to borrow.
There are other reasons a family member may require a letter of financial support such as for a visa.
Confirms Funding Will Be Available
A financial support letter is a document that confirms that funding will be available for a person who may not be able to pay for something specific for him or herself.
Financial support letters are most often used to accompany a university application to prove that the applicant has funding available if he or she is admitted to a specific college or program.
A letter promising financial support usually needs to be accompanied by documentation from a bank to prove that the person giving the support has the financial ability to do so.
In most cases, a bank statement will be required to show clearly that the person has the funds to cover the expenses for at least one year.
Other documents that may be required are a declaration and certification of finances for the full length and cost of the program or a signed letter of sponsorship that gives the details of amounts and the length of the sponsorship.
The acceptable funding must usually be in liquid accounts such as checking and savings accounts, money market accounts or CDs. The statements can be printed from an online banking site or scanned from hard copies.
In most cases, non-liquid assets such as stocks, bonds and property deeds are not acceptable forms of proving financial support. Opinion and solvency statements are also not acceptable.
A letter of financial support needs to have the signature of the sponsor that shows authenticity. It must contain the dates the sponsorship is being given and the amount. The letter must be dated within one year of the program or starting semester.
Some tips for writing a financial support letter:
- The letter should be a formal business letter and simply state that the writer pledges to provide financial support for the applicant.
- The letter should contain all the relevant details including the name of the applicant, the name of the person who is giving the support and the financial amount involved.
- Since the letter is from an individual, the writer needs to include their bank statement to prove that he or she can meet the commitment.
- The letter must be signed by the sender to make it legally binding.
Below is a sample financial support letter that will accompany the application form for university. It is written in formal business-letter style.
The required financial documents that are enclosed with the letter should be copies or printouts and not original documents. All printouts and scans should be clearly legible.
Sample Financial Support Letter For A Family Member
49006 Gray Road
Dayton, OH, 43001
May 19, 2020
Head Of University Admission Committee
4905 Green Road
Dayton, OH, 43002
Dear Mr. Towns:
My name is Brenda Gilbert, and I will be providing my nephew, James Wood, with full financial support during his course of studies at Ohio University starting on May 01, 2020. I understand that the cost of tuition is about $15,000 per semester.
I have included my bank statement from ABC Bank, Address of Bank to prove that I have adequate funds to support James Wood until he graduates in two years on May 01, 2022.