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MBA – American Universities With Financial Help

(If you cannot view the table properly please click the Headline of the article)

School

State

Mean GMAT: Full-time Students

Minimum TOEFL Score

Availability of aid

U.S. News Rank

Brigham Young University (Marriott)

UT

653

240

Aid available (international students)

40

Carnegie Mellon University (Tepper)

PA

691

250

Aid available (international students)

17

Cornell University (Johnson)

International students have several options available if they wish to borrow to help meet their educational costs. The Johnson School has partnered with Citibank to offer its international students up to $23,000 in loan funds. Students must have verifiable assets equal to or greater than the amount of the loan they are requesting. This loan requires no cosigner, but offers a cosigner option if the student borrower does not have the required assets to qualify for the loan. The cosigner (regardless of citizenship) must document they have the assets to qualify for the loan. The Access Group also offers a signature loan to international students with a three-year credit history in the United States.

Student loans may not be used on the declaration of finances form. Once you receive your student visa you can apply for student loans

NY

673

250

Fellowships available: 55
Aid available (international students)

The Johnson School has over $1 million in merit-based scholarship funds to award each year to new and returning students.

Almost 30 percent of Johnson School students receive some scholarship.All our scholarships are awarded based on merit regardless of citizenshipolarship assistance.

15

Duke University (Fuqua)

NC

705

250

Aid available (international students)

11

Emory University (Goizueta)

GA

680

250

Aid available (international students)

18

Georgetown University (McDonough)

DC

662

250

Aid available (international students)

27

Georgia Institute of Technology

GA

655

250

Aid available (international students)

32

Harvard University

MA

707

253

Aid available (international students)

1

New York University (Stern)

Stern is proud to offer a comprehensive international student loan program.

NY

700

250

Fellowships available: 370
Teaching assistantships available: 596

Aid available (international students)

13

Ohio State University (Fisher)

OH

664

250

Aid available (international students)

21

Purdue University–West Lafayette (Krannert)

IN

667

230

Aid available (international students)

23

Stanford University

CA

711

250

Aid available (international students)

2

Tulane University (Freeman)

LA

655

250

Aid available (international students)

45

University of California–Berkeley (Haas)

CA

701

230

Aid available (international students)

6

University of California–Davis

CA

678

250

Aid available (international students)

42

University of California–Irvine

CA

658

250

Aid available (international students)

49

University of California–Los Angeles (Anderson)

CA

705

260

Aid available (international students)

11

University of Chicago

Financial aid information is sent to prospective students upon admission to the program. You will not need to apply for scholarships or loans until such time. Chicago GSB offers two loan programs for international students – one that requires a co-signer from the U.S. and one that does not. All ADMITTED international students will be directed to a web site to request a loan application. The loans can be used for the I-20 visa application process.

IL

695

250

Fellowships available: 5
Aid available (international students)

8

University of Florida (Warrington)

FL

666

250

Aid available (international students)

42

University of Georgia (Terry)

GA

663

233

Aid available (international students)

45

University of Maryland–College Park (Smith)

MD

651

250

Aid available (international students)

27

University of Michigan–Ann Arbor (Ross)

MI

690

250

Aid available (international students)

10

University of Minnesota–Twin Cities (Carlson)

MN

655

240

Aid available (international students)

23

University of North Carolina–Chapel Hill (Kenan-Flagler)

The Kenan-Flagler Business School, through a partnership with CFI, offers the EXTRA MBA Loan for international students

No cosigner is required

 

NC

652

250

Fellowships available: 69

Aid available (international students)

Merit fellowships are awarded to 25% of our students. UNC awards are made to international and U.S. students

21

University of Notre Dame (Mendoza)

IN

657

250

Aid available (international students)

32

University of Rochester (Simon)

NY

665

250

Aid available (international students)

23

University of Southern California (Marshall)

CA

685

250

Aid available (international students)

26

University of Texas–Austin (McCombs)

TX

670

260

Fellowships available: 10
Teaching assistantships available: 31

 

Aid available (international students)

18

University of Virginia (Darden)

For international students, there are several merit-based scholarships available as well as student eligibility for third party loans.
In order to borrow money, the amount to be borrowed must be listed on the application for I-20.

VA

680

we do not consider the GPA in our evaluation.

250

Fellowships available:131
Aid available (international students)

14

University of Washington

WA

677

250

Aid available (international students)

18

University of Wisconsin–Madison

WI

658

250

Aid available (international students)

37

Yale University

CT

696

250

Aid available (international students)

15


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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