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Affidavit of Financial Support
There are opportunities for students to study at a particular school or travel for student exchange programs that are costly and require sponsorship. Though it poses a financial challenge to them, it is still possible for them to apply at the school for admission or proceed with the program. All they need to do is have someone to send an affidavit letter of financial support. This particular document is legally binding, so you don’t have to worry about its validity. Know more about the Affidavit of Financial Support below. Read More
Affidavit of Financial Support
What is a Financial Affidavit?
An affidavit of financial support is a type of legal document that specifies the affiant’s current finances circumstances and their capacity to give financial support. It contains details about their income and revenue and expenses and liabilities. It also shows how the affiant is spending the income, lists their assets, and also the debts. In short, this document is meant to provide a snapshot of the extent of the affiant’s financial situation. Often, this type of document is drafted by the parent of the student in a letter format and is signed and notarized.
How to write an Affidavit of Financial Support in five steps
An Affidavit of Financial support can help the students’ application to a school or program. It helps demonstrate their capacity to pay the tuition and other fees if they do get accepted in the certain program. A strong letter of financial support is one that’s valid and legally binding, as well as contains all the information needed for evaluation. To help you with it, here are five steps you can do to write a good affidavit of financial support.
Be formal and straightforward
Write a title for your letter. A simple “Affidavit of Financial Support: should already indicate the purpose of the letter. The letter should also be a simple statement of your pledge to provide support for the student. Knowing what the letter is all about will also help you write your letter in a succinct and concise manner.
Introduce the affiant and make a sworn statement
As the affiant who is declaring your financial support to the applicant, you must identify yourself and provide your biographical information such as your legal name, age, current address, and your relationship to the student. These information will be used to verify your identity. You may also include your employment details such as name of employer, address, and position held. Also, do not forget to include a statement of truth in your affidavit to attest to the veracity of your affidavit. This shows that you are being truthful in your statements and that you understand that you are liable for any false information and will be subjected to perjury.
Include all relevant details, including names and financial amounts.
Since you are proving your capacity to financially support a student, you need to be meticulous with the details. Specific information should be included such as your income or revenue sources such as salary, rentals, investments, business, etc. Then include all salary deductions like federal and state taxes, life and health insurance, social security, among others. Your household expenses should also be taken into account. List all monthly expenses at home such as mortgage, gas, utilities, food, and other basic miscellaneous. Also enclose accompanying documentation, such as a bank statement to reassure the recipient that you can meet the commitment.
Review and check your affidavit.
Read your letter affidavit of financial support again and go through your financial information. Make sure that you watch out for things that doesn’t seem to make sense or figures that don’t really fit in. If it’s a complicated situation, you may also seek legal assistance from a lawyer to review your affidavit and help you spot and correct erroneous details. You may also ask for help from nonlawyer friends that you trust. But remember, do not depend solely on them–what may seem wrong to them is actually correct based on what you know.
Sign the letter in front of a notary public to make it legally binding.
Once you have finalized your affidavit of financial support, you may bring it with you for signing in front of a notary public or someone authorized to administer oaths. Also bring with you a government issued identification to verify your identity. After verification, they will print their name and sign it to make your affidavit valid.
FAQs
What are the different affidavits of financial support?
Affidavit of financial support varies depending on the purpose it will be used. For students, it is used to support their capacity to pay tuition, while in divorce proceedings, this document is used to compute for alimony and child support. What is important to note is that the information required in an affidavit of financial support will be based on its purpose of the affidavit and its jurisdiction. So make sure that you are truthful and honest in your statements as courts often rely on financial affidavits to get a picture of your current financial situation before making any decisions.
What happens if I cannot provide an affidavit of financial support?
In many schools, colleges, and universities, an affidavit of financial support is requested to prove that you will be able to pay for your tuition and other fees. Non-compliance of it can result in any of the following:
You will be refused admission to the school or program you’re applying for.
You will not be eligible to qualify for financial assistance from the school or program.
You will not get the service of relief you are requesting.
What are the documentation attachments needed in an affidavit of financial support?
Bank statements, titles of assets, or certificates from employer or government agencies can be included as attachments in the affidavit of financial support as long as it is relevant and has purpose.
An Affidavit of Financial Support allows the affiant to make a sworn statement that helps the cause of a student. It details information about your current financial situation and lays out your rights and responsibilities in relation to a specific situation, in this case, to provide financial support to a student.