MarketingProf wrote:
@arujuit: found an answer for you from the Director of Admissions at the Simon School:
"Similar to the past few years, we expect to offer the International Student Loan Program (no co-signer required) but are awaiting a finalized contract with details as to the specifics for the program. Feel free to direct the student to me and I can help with when/where we will be giving updates on this."
Feel free to reach out to the Admissions Director Rebekah Lewin.
@MarketingProf, Thank you for your support. I have also mailed Andrew Brayda from Simon regarding the same query. I have got an answer from him-
"Dear Arusharka,
Thank you for your note, and congratulations again on your admission to Simon. We look forward to welcoming you to Simon this fall. I hope this email is thorough and speaks to both your question and possibly some additional concerns that may arise.
In terms of non-cosigner loans for International Students, we have traditionally offered an International Student Loan Program (ISLP) which did not require international students to have a US co-signer. We are currently in talks negotiating another ISLP for this upcoming academic year (2013-2014). Step One, approval by the University’s CFO, has been completed and therefore we are proceeding with Step Two which involves getting the legal documentation in order. Considering the fact that our ISLP for 2012-2013 wasn’t signed until June, we expect another lengthy process this year. We are always cautiously optimistic – but it’s never a guarantee. The School has a limited budget set aside for ISLP and will do our best to provide some level of support to as many applicants as possible. However, we strongly encourage students to identify alternative resources simultaneously, in the event that we are unable to fully fund the ISLP request. Once we have any information, we will notify all students so you can plan accordingly. Please note that the formula for determining ISLP is: tuition minus scholarship = ISLP amount you can request. You will not be able to request funds beyond this calculation to cover living expenses, etc.
Additionally, ISLP funds cannot be used to prove funding for your MBA on the I-20 as the loan will not be finalized in time before you will need to complete your visa documentation – but will be available for your first bill. Proof of funding can come from a combination of your personal savings, as well as family/sponsor support. We have recommended to students in similar situations to consider asking family or friends to collectively gather the amount necessary to prove funding for your year of schooling. While you may not actually use this money to pay your tuition bill in the fall, it will at least provide you on paper with a snap shot of the financial proof needed to obtain your I-20 documentation. If you choose to show proof of support from a relative, friend or other sponsor, you must show evidence that they intend to support your education at the University of Rochester. In addition to their bank statement showing available funds, they must provide a brief statement indicating their relationship to you and explaining that the documented funding is available for your studies.
I hope this is helpful, Arusharka. Please feel free to follow-up with any additional questions or concerns.
Kind regards,
Andrew"
As June is not far away, is it possible for me to wait till the start of June and let my visa get stamped after the confirmation? Please let me know what is your idea... Its very urgent for me. It is really difficult for me to arrange the rest of the tuition fee...
Thanks and Regards, Arusharka