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

Question

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!

How exactly does this work?

Thanks a ton for your guidance!

shaselai · Answer

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...

rishabhsingla · Answer

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.

I hope that makes my confusion more clear.

2012dreams · Answer

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.

rishabhsingla · Answer

Okay, that helps, although I would still love to get opinions from more people...

jordanhendrix · Answer

no such thing is required by the school

whiplash2411 · Answer

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.

Class2012 · Answer

You don't need it while applying but you will need it for I-20 and visa.

ariel · Answer

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.

Hope this helps.

rishabhsingla · Answer

Thanks ariel, this is helpful.

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

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