Find all School-related info fast with the new School-Specific MBA Forum

It is currently 22 Oct 2014, 16:03

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

At what stage of admission process is proof of funds needed?

  Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:
Manager
Manager
User avatar
Status: Labor Omnia Vincit
Joined: 16 Aug 2010
Posts: 75
Schools: S3 Asia MBA (Fudan University, Korea University, National University of Singapore)
WE 1: Market Research
WE 2: Consulting
WE 3: Iron & Steel Retail/Trading
Followers: 1

Kudos [?]: 1 [0], given: 0

Reviews Badge
At what stage of admission process is proof of funds needed? [#permalink] New post 15 Sep 2010, 12:42
In the entire process of admission to a business school, at what stage (typically) is a proof of sufficient funds required to be furnished? Does an applicant have to submit such a proof along with the application? Or only after receiving a confirmation of admission does one have to provide proof of funds?

How exactly does this work?

Thanks a ton for your guidance!
_________________

Labor Omnia Vincit (Hard Work Conquers All)
My practice and final scores | My GMAT Club profile
My blog | My Google profile | My LinkedIn profile | Me on Twitter


Last edited by rishabhsingla on 05 Oct 2010, 10:08, edited 1 time in total.
Current Student
User avatar
Status: What's your raashee?
Joined: 12 Jun 2009
Posts: 1847
Location: United States (NC)
Concentration: Strategy, Finance
Schools: UNC (Kenan-Flagler) - Class of 2013
GMAT 1: 720 Q49 V39
WE: Programming (Computer Software)
Followers: 22

Kudos [?]: 202 [0], given: 52

Reviews Badge
Re: At what stage of admission process is proof of funds needed? [#permalink] New post 15 Sep 2010, 13:14
not sure what "proof" you are talking about? Are you talking about showing them how much money you got or you mean the school fee? school fee usually after you get admit and there's a deadline for it... they have financial aids etc as well...
_________________

If you like my answers please +1 kudos!

Manager
Manager
User avatar
Status: Labor Omnia Vincit
Joined: 16 Aug 2010
Posts: 75
Schools: S3 Asia MBA (Fudan University, Korea University, National University of Singapore)
WE 1: Market Research
WE 2: Consulting
WE 3: Iron & Steel Retail/Trading
Followers: 1

Kudos [?]: 1 [0], given: 0

Reviews Badge
Re: At what stage of admission process is proof of funds needed? [#permalink] New post 15 Sep 2010, 17:30
Actually I read an article (long back) which said that most American/European business schools require that the candidate submit a proof of funds, that is, a proof that he has sufficient funds to be able to pay for the fee and other expenses. Since I'll be taking a loan, I was wondering if I should be taking a loan (or a guarantee from the bank that my loan will be approved) *before* submitting an application, in case schools need to see this proof of funds at the application stage.

I hope that makes my confusion more clear.
_________________

Labor Omnia Vincit (Hard Work Conquers All)
My practice and final scores | My GMAT Club profile
My blog | My Google profile | My LinkedIn profile | Me on Twitter

1 KUDOS received
Current Student
User avatar
Joined: 02 Jun 2009
Posts: 332
Schools: Wharton Class of 2012 w/ fellowship
Followers: 10

Kudos [?]: 56 [1] , given: 12

Re: At what stage of admission process is proof of funds needed? [#permalink] New post 15 Sep 2010, 19:00
1
This post received
KUDOS
there is nothing like that, at least for american schools. once you are admitted and pay your deposit, it's up to you to pay the bill, whether through your own money, a private loan, government loan, drug money, etc. nothing is required to prove you can pay beforehand, that would blatantly leave out about 70-90% of applicants who weren't lucky enough to be in jobs where they could save $160k in cash for business school.
_________________

My story of an average chick who stumbled into the 700+ club
700-clubbers-add-your-name-to-the-list-64636-100.html#p600519
My 2009-2010 Application Decisions
2010-profiles-w-admit-dings-results-no-discussion-78475.html?view-post=600694#p600694

Manager
Manager
User avatar
Status: Labor Omnia Vincit
Joined: 16 Aug 2010
Posts: 75
Schools: S3 Asia MBA (Fudan University, Korea University, National University of Singapore)
WE 1: Market Research
WE 2: Consulting
WE 3: Iron & Steel Retail/Trading
Followers: 1

Kudos [?]: 1 [0], given: 0

Reviews Badge
Re: At what stage of admission process is proof of funds needed? [#permalink] New post 17 Sep 2010, 05:30
Okay, that helps, although I would still love to get opinions from more people...
_________________

Labor Omnia Vincit (Hard Work Conquers All)
My practice and final scores | My GMAT Club profile
My blog | My Google profile | My LinkedIn profile | Me on Twitter

Current Student
User avatar
Joined: 07 May 2010
Posts: 731
Followers: 14

Kudos [?]: 85 [0], given: 66

GMAT ToolKit User
Re: At what stage of admission process is proof of funds needed? [#permalink] New post 17 Sep 2010, 06:50
no such thing is required by the school
_________________

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Ms. Big Fat Panda
Ms. Big Fat Panda
User avatar
Status: Three Down.
Joined: 09 Jun 2010
Posts: 1879
Concentration: Social Entrepreneurship, Organizational Behavior
Followers: 348

Kudos [?]: 1415 [0], given: 196

GMAT ToolKit User
Re: At what stage of admission process is proof of funds needed? [#permalink] New post 17 Sep 2010, 12:01
Business School doesn't require it before admission submission. I think what you're referring to is the I-20 Sevis process. Once you are admitted to business school, you first submit a financial aid application should you require funds. Then they disburse the funds they feel is a good fit for you at which point you can accept, negotiate or whatever. Sans the funds they give you (loans included) you will be required to show proof to the school for the remaining funds in order for them to issue you an I20 document, which is a necessary document for applying to the US consulate for a F1 visa. Until then, you're good. So the admission offer comes first. You don't need to do anything before that. Hope this helps.
Current Student
avatar
Joined: 18 Jun 2009
Posts: 367
Followers: 4

Kudos [?]: 30 [0], given: 21

Re: At what stage of admission process is proof of funds needed? [#permalink] New post 17 Sep 2010, 18:20
You don't need it while applying but you will need it for I-20 and visa.
Current Student
User avatar
Joined: 12 Nov 2008
Posts: 368
Schools: Ross (R2), Cornell (R3) , UNC (R3) , INSEAD (R1 Jan)
WE 1: Advisory (2 yrs)
WE 2: FP & Analysis (2 yrs at matriculation)
Followers: 21

Kudos [?]: 86 [0], given: 45

Re: At what stage of admission process is proof of funds needed? [#permalink] New post 18 Sep 2010, 00:29
rishabhsingla, I suspect you're referring to the visa issuing process. Different schools have different requirements. For instance, Cornell asks that you show 142k+ in liquid assets, which is the total cost of education for both years, whereas Ross only needs proof for 8k, which is only living expenses in year 1, as long as you apply for their international student loan. Official proof is required as part of the I-20 issuing process, which for most schools happens some time in May. I-20 is a school issued document that you then use to get your F-1 study status at the border (for Canadian citizens) or a US consulate if you live overseas.

Hope this helps.
Manager
Manager
User avatar
Status: Labor Omnia Vincit
Joined: 16 Aug 2010
Posts: 75
Schools: S3 Asia MBA (Fudan University, Korea University, National University of Singapore)
WE 1: Market Research
WE 2: Consulting
WE 3: Iron & Steel Retail/Trading
Followers: 1

Kudos [?]: 1 [0], given: 0

Reviews Badge
Re: At what stage of admission process is proof of funds needed? [#permalink] New post 18 Sep 2010, 22:07
ariel wrote:
rishabhsingla, I suspect you're referring to the visa issuing process. Different schools have different requirements. For instance, Cornell asks that you show 142k+ in liquid assets, which is the total cost of education for both years, whereas Ross only needs proof for 8k, which is only living expenses in year 1, as long as you apply for their international student loan. Official proof is required as part of the I-20 issuing process, which for most schools happens some time in May. I-20 is a school issued document that you then use to get your F-1 study status at the border (for Canadian citizens) or a US consulate if you live overseas.

Hope this helps.

Thanks ariel, this is helpful.
_________________

Labor Omnia Vincit (Hard Work Conquers All)
My practice and final scores | My GMAT Club profile
My blog | My Google profile | My LinkedIn profile | Me on Twitter

Re: At what stage of admission process is proof of funds needed?   [#permalink] 18 Sep 2010, 22:07
    Similar topics Author Replies Last post
Similar
Topics:
1 Admission Process nageshf 3 16 Apr 2012, 21:30
Need Help -- GMAT Proof sairajesh063 3 20 Dec 2011, 07:14
Staged Admissions saruba 1 27 Sep 2009, 10:45
1 Experts publish their posts in the topic Need a solid proof ashkrs 4 15 Jan 2008, 21:02
Display posts from previous: Sort by

At what stage of admission process is proof of funds needed?

  Question banks Downloads My Bookmarks Reviews Important topics  


GMAT Club MBA Forum Home| About| Privacy Policy| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group and phpBB SEO

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.