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Required Financial Documents for International Students

International Students are required to file financial documents along with their admission applications.

Here are some tips on Financial Documents which may help you.

1.Financial Statements what they are?

Financial statements are meant to show to the universities that you or your sponsor have enough liquidity to finance your study and living expenses while you are a student in the American University.

This is a requirement by law and you have to provide it . There is no waiver on this score.

2.What does liquidity imply?

Cash in the saving bank account,Fixed deposits in the bank,savings in the post office accounts. I call these as “Pure Liquid Assets” and if you have these then there is no hassle with the universities.

People who do not have enough funds in the above do group some allied items in their Financial Statements. These I call as “Allied Liquid Assets”. Demat accounts, PF, Life Insurance Policies are normally mentioned here.

Some Universities do accept the Allied Assets and some do not. It is a matter of convincing the univs.

3.How much funds need to be shown?

You have to show two semesters cost comprising of Fees,living and miscellaneous expenses.

Check the universities requirements on these and show the funds accordingly.Each university has it’s own cost structure.Select the universities you want to apply and prepare the documents showing the highest expenses. This is done in order that you use the same Financial statement for all your Universities.

Note Read below “What if you I target for assistantship”

4.How to prepare the affidavit?

The affidavit of support should be on a stamp paper and attested by a Notary Public after your sponsor signs it.

This is done to impress the university otherwise it has no legal standing in USA.

The affidavit should carry supporting documents from your(sponsors) bank certifying the amount you are having in your account. For FDs get another certificate. Similarly for other items.

Remember that you are targeting several universities This implies that all your affidavits and bank certificates should be sent in original to each univ. So prepare as many as you intend applying plus one or two more. Preferably send the University’s financial forms along with your affidavit

5. When should the financial affidavit be sent?

It is best to send it along with the application. This helps the university. Sending it later some times causes hassles to coordinate the documents.

However if you are not prepared with them you can send these documents later when the univ asks for them. This will not affect your admission decision.

6.What if I target for assistantship?

If you are targeting for assistantship and are confident that you will get it and have decided not to go to a particular university unless the assistantship is granted you need not send the financial documents initially.

If any assistantship is granted you can reduce the amount of grant from the required finances and prepare the document accordingly.

7. I do not have funds so how should I go about?

People propagate several unethical ways do this. I do not.

Maybe with experience I have mellowed down .

Enough to say that I know some universities do verify with the banks about your documents. If you are caught on the wrong foot then there is no one to save you. The adviser shall not come forward nor the person who prepared the documents for you.

I can only comment that there are legal ways to overcome this difficulty. Use your ingenuity.

To this I will add that over 50% of persons who aspire to study abroad face this difficulty and your are not unique in this.

Think and you will find a correct and legal way out.

8.What is the period of validity of these documents?

About 4-6 months.

9. Can I use these financial documents for Visa purpose?

Yes and No.

While you must carry these documents while going for visa however it will be prudent to prepare separate documents when you go for visa.

More on this later.

Good Luck

NBS

ADMISSIONS FAQ

I have attempted to address here some concerns of prospective Masters students with regard to the GMAT and GRE examinations, and the respective Masters courses that they subsequently wish to pursue.
Past experience has proven that the vast majority of students that wish to do a Masters programme, or a MBA, have little idea about the complexities of the process of application to a university for a Masters programme. Thus the reason for these answers.
What this group has endeavored to do is to save you, the student, valuable time looking around for the most appropriate Masters program available and help you in applying.

1: Do I need to take the GMAT or GRE examination?
Practically any decent Masters course at practically any decent university will definitely require the GMAT or GRE examination score. Yes, many great universities, such as Stanford advertise their Masters by saying that the GMAT score is not absolutely necessary, or that a score of around 650/800 is acceptable, but the reality is that they will not even look at you unless you have a GMAT and the score is around 720/800! Universities use this ploy to attract more applicants. So beware of such tactics.

2: How important is my Grade Point Average (GPA) in comparison/combination with my GMAT/GRE score?

Naturally your GPA is a very important determining factor in securing a place on a Masters programme.
Note, however, to avoid disappointment, that if a university asks for a GPA of more than 7.0 out of 10 or 3.5 out of 4.0 (from an American-based university) then generally that is exactly what they mean.
Many think that 6.8 is near enough 7, or 3.3 is near enough 3.5, only to discover, too late in most cases, that it is not, and a letter of rejection waiting in their mail boxes. Do not assume anything. Make the effort to write e-mails/letters to the appropriate person to clarify the exact entry requirements.
Likewise for the GMAT-GRE scores. If a university stipulates that it wants a score in excess of 580, for example, that is exactly what they want. 570 will not do.I have personally witnessed applicants making the above assumptions only to find that they have been rejected.If you are applying to any half-decent university you will definitely need good a GPA and a strong GMAT-GRE score. Below I have posted a number of links to useful sites to exemplify the point.Therefore, the answer to the question is that both your strong GPA and your strong
GMAT/GRE score are extremely important factors in determining whether you will accepted for a Masters course. It almost goes without saying that the better the university the higher the requirements. As a general guideline I would be very suspicious of Masters programs that do not demand GMAT/GRE scores since the most obvious conclusion that one can make is that the courses are not very competitive and you should not expect to have great career prospects having graduated from such a Masters.

Question 3. When should I select the Program and the universities I wish to apply.

I am of the opinion that this should be done prior to your sitting for GMAT/GRE exam.
One it will be clear to you what scores you require to go to your dream university. Thus you will have a target and you need not take the exam repeatedly.
Second you will save money on score reporting.

Question 4: On what basis should I choose a Masters/MBA programme?
Well obviously you want to choose the best possible programme since this ought to give you the greatest employment prospects. There are rankings for Masters and MBAs that are published by various different publications and are provided in the group Files Section.
These rankings give a good general guideline and you will be sure to see familiar names at the top such as Stanford, Berkeley, MIT,Harvard, Wharton,LBS, LSE, Insead and so on. Their positions may vary slightly from year to year but they are always at the top and everyone in the business world knows them, and identifies them with quality.
So just how do you choose the best possible course? Well, firstly you have to be realistic. It is not easy getting into one of the big name
universities unless you have a GPA of more than, let\’s say 7.8/10 or 3.7/4 and a GMAT score of at least 680. Do not delude yourselves. If you do not have such scores then you will just have to lower your aim. There are a surprising number of quality Masters programs at universities that many undergraduate students have not heard of yet provide excellent quality and almost guarantee jobs before completing the Masters programme. Business leaders, and employers generally, will undoubtedly know about such universities and the particular Masters on offer. So just because you have not heard of a university do not be put off. After all the reason you are doing a Masters is to increase your job prospects. Having said that, there is also the type of Masters you should pursue. Do not just pick anything that takes your fancy. You have to be constantly thinking whether you are going to be more attractive to a prospective employer with that particular Masters in the future. Thus you have to seriously think about what sort of
job you see yourself doing. Some Masters are particularly \”hot\” such as Finance (with an emphasis on Financial mathematics) or an MBA with an emphasis on e-commerce. There are many others but there are also those that have saturated the markets such as a Masters in marketing, unless, of course you happened to have picked it up from a university like Stanford. So think objectively and realistically about which Masters you really want to do and spend enough time surfing the Internet to investigate all possibilities -you may be surprised by what you find. In conclusion, if I had to give one piece of advice with regard to choosing a university it would be: NAME, NAME, NAME.

Question 5: When should I take the GMAT/GRE examination?
The simple answer is as soon as possible. Unfortunately most students leave the GMAT or GRE until the last minute and do it in a rush which certainly does not make for great results. To be sure that you get the highest possible score allow yourself at least three months to prepare yourself, and be prepared to work and practice extremely hard over that three-month period. Ideally you should take the GMAT-GRE at least a year before you think about exactly which Masters you intend to pursue. Remember the examinations are valid for a five-year period. Students who come thinking that the GMAT-GRE can be conquered in a very limited time period are going to be sorely disappointed and severely punished in the real examination. It is simply something that you cannot rush. So take action and think about doing a GMAT-GRE course at the earliest opportunity to avoid disappointment.

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Applying Tips

Financial Documents Required By International Students

You must be preparing to file your applications. Here are some tips on Financial Documents which may help you.

1.Financial Statements what they are?
Financial statements are meant to show to the universities that you or your sponsor have enough liquidity to finance your study and living expenses while you are a student in the American University.
This is a requirement by law and you have to provide it . There is no waiver on this score.

2.What does liquidity imply?
Cash in the saving bank account,Fixed deposits in the bank,savings in the post office accounts. I call these as “Pure Liquid Assets” and if you have these then there is no hassle with the univs.
People who do not have enough funds in the above do group some allied items in their Financial Statements. These I call as “Allied Liquid Assets”. Demat accounts, PF, LIC policies are normally mentioned here.
Some Univs do accept the Allied Assets and some do not. It is a matter of convincing the univs.

3.How much funds need to be shown?
You have to show two semesters cost comprising of Fees,living and miscellaneous expenses.
Check the univs requirements on these and show the funds accordingly.Each univ has it’s own cost structure.Select the univs you want to apply and prepare the documents showing the highest expenses. This is done in order that you use the same Financial statement for all your Univs.
Note Read below “What if you I target for assistantship”

4.How to prepare the affidavit?
The affidavit of support should be on a stamp paper and attested by a Notary Public after your sponsor signs it.
This is done to impress the univ otherwise it has no legal standing in USA.
The affidavit should carry supporting documents from your(sponsors) bank certifying the amount you are having in your account. For FDs get another certificate. Similarly for other items.
Remember that you are targeting several univs. This implies that all your affidavits and bank certificates should be sent in original to each univ. So prepare as many as you intend applying plus one or two more. Preferably send the Univs financial forms along with your affidavit

5. When should the financial affidavit be sent?
It is best to send it along with the application. This helps the university. Sending it later some times causes hassles to coordinate the documents.
However if you are not prepared with them you can send these documents later when the univ asks for them. This will not affect your admission decision.

6.What if I target for assistantship?
If you are targeting for assistantship and are confident that you will get it and have decided not to go to a particular univ unless the assistantship is granted need not send the financial documents initially.
If any assistantship is granted you can reduce the amount of grant from the required finances and prepare the document accordingly.

7. I do not have funds so how should I go about?
People propagate several unethical ways do this. I do not.
Maybe with experience I have mellowed down .
Enough to say that I know some univs do verify with the banks about your documents. If you are caught on the wrong foot then there is no one to save you. The advisor shall not come forward nor the person who prepared the documents for you.
I can only comment that there are legal ways to overcome this difficulty. Use your ingenuity.
To this I will add that over 50% of persons who aspire to study abroad face this difficulty and your are not unique in this.
Think and you will find a correct and legal way out.

8.What is the period of validity of these documents?
About 4-6 months.

9. Can I use these financial documents for Visa purpose?
Yes and No.
While you must carry these documents while going for visa however it will be prudent to prepare separate documents when you go for visa.
More on this later.

Good Luck
NBS

Financial Help – International Students

Financial help is a very dicey subject I have discussed about this in detail in several messages to the group.
Every university claims it offers financial help to students and to this
they add even international students. Mind you I have used the term
financial help and not financial aid. Aid and scholarships are mainly meant for local candidates.This is their marketing technique to attract students.
I have seen universities offering a token aid of 1000-5000 dollars for the first year in order to get more students.
The percentage of students who get aid is different for different
universities depending on the program of your study and local situation of availability of funds with the professors. For it is the professors who can offer you research assistantship. Along with this comes fee waiver.
My experience is that percentage of students who get aid sitting in India is negligible.Yes there is a positive aspect to this that percentage who are able to get the assistantships during the first semester of their study is quite high.
The conclusion of the above discussion is that while you should try for
financial help you should be prepared to spend for at least first six
months. If you get any help you will be lucky. If not there is a great
chance for your getting it on joining the university.
If you adopt this strategy your initial efforts and money shall not be
futile.
If money is your main concern then I would suggest you apply to universities whose expenses you can afford. There are good universities available with low costs. This in itself can be considered as some sort of financial help.
Good Luck
NBS