Financial Statement for international students

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abhishekarohi: Junior | Next Rank: 30 Posts; Posts: 11; Joined: Wed Jun 23, 2010 1:12 am; Followed by:1 members

Financial Statement for international students

by abhishekarohi » Mon Sep 20, 2010 7:14 am

Hi Stacy,

I was going through the admission websites of the colleges I have shortlited. One common thing which I am seeing is that for international students the colleges require a financial statement. Now in the decription of the form they give the cost of entire program (which is whopping). I am not able to understand how will I show the cost of MBA program on my Finacial Statement when I am dependent on scholarship and loan on the whole. So basically my qestion is do I have to pay some part of the program or my loaning bank give the financial statement stating that they will pay for the program. Please clarify my doubt as much depends on this wheter I would now even apply to any college or not.

Regards
Abhishek Arohi

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Source: Beat The GMAT — Ask Stacy Blackman | Mon Sep 20, 2010 7:14 am

GMAT/MBA Expert

Lisa Anderson: MBA Admissions Consultant; Posts: 3845; Joined: Wed Feb 06, 2008 8:57 pm; Location: Houston, TX; Thanked: 442 times; Followed by:148 members

by Lisa Anderson » Tue Sep 21, 2010 6:51 pm

Dear Abhishek,

For US business schools, international students require a visa to attend the program. One of the requirements for the visa per the US government is the financial statement showing you have the financial means to cover the cost of the program. While some schools will only ask for you to show proof of funds for one year, many have moved to asking for proof for the entire program. For the purposes of the visa, you will know at that point of any scholarship awards which you can include on the statement as part of your funds. Please note: scholarships covering the entire cost of a program are rare as most only cover a portion of tuition. You will need to have the funds to cover your living expenses, books, materials and remaining tuition.

If the school is asking for the financial statement during the application process, then you will need to show what you have and note what your plan is in terms of securing the rest. Loans are hard to secure in the US without a US citizen to co-sign, so you should be pursuing loans from your home country if you will need those funds.

Good luck,
Lisa

Lisa Anderson
Consultant
Stacy Blackman Consulting

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