What is the suggested documentation for obtaining a student visa?Are there any pitfalls to watch for, what will be the chances of obtaining visa?

To obtain an F-1 student visa, you will need to show several original papers to your local US consulate before they can issue your F-1 visa.
F-2 visa is for dependent of F-1 student.
First you would need a letter called DS-2019 (issued by the school/college/university you will be attending). Now, in order to get this document, you will have to complete and send financial declaration form to your school stating that you have sufficient funds to cover your education. If you received a scholarschip, tuition waiver or any other financial assistance, both from university or private sources you will need to document this with original letters of support.
The next thing to do would be to fill out an online DS-156 and perhaps additional forms -- DS-157, and DS-158 --attach a recent (not older than 3 -6 months) picture of yourself to DS-156 and you're set to go. Most likely you will have a talk with the consul who will make a decision whether the visa will be issued based on the papers you have. If you are funding your education, you might want to bring with you a bank statement, if you own property -- papers for that because they want to make sure you will return after completion of your degree.
http://travel.state.gov/foreign_student_visas_handout.html
Hope this helps and good luck!

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