Declaration of Finance, I20, Visa

MBA GMAT
1

Hello guys/gals, I have been admitted in 2 year MBA program at the Johnson School at Cornell University. I have to send them the declaration of finances letter for $120K. Do you guys have any experience with that. Also, is there any good visa…

2

Hello guys/gals,

I have been admitted in 2 year MBA program at the Johnson School at Cornell University. I have to send them the declaration of finances letter for $120K. Do you guys have any experience with that. Also, is there any good visa,etc consultant in Bangalore.

I have been wait listed at Chicago GSB and Ross. GSB will probably start informing wait listers from March end. But Ross will do so from May. Will that be quite late for Visa and all if i wait for the wait lists?

Thank you for your help.
Alok

3

i am curious to know how did you manage to show funds worth 120k. i have got an admit from olin and need to show around 100k. Can you suggest me a good consulant?

Hello guys/gals,

I have been admitted in 2 year MBA program at the Johnson School at Cornell University. I have to send them the declaration of finances letter for $120K. Do you guys have any experience with that. Also, is there any good visa,etc consultant in Bangalore.

I have been wait listed at Chicago GSB and Ross. GSB will probably start informing wait listers from March end. But Ross will do so from May. Will that be quite late for Visa and all if i wait for the wait lists?

Thank you for your help.
Alok
4
alekhine Says
i am curious to know how did you manage to show funds worth 120k. i have got an admit from olin and need to show around 100k. Can you suggest me a good consulant?


Well good news alekhine 😉 ! You only need to show proof for 59 K to Olin for the i20.
5

wot_me_worry,


Thanks for the reply.
You are right. For obtanining I20, I need to show my first year's expense i.e. approx. $59k. But my interviewer at the visa consulate might ask me to show $59k in liquid form and another projected $59k(for my 2nd year). So, that amounts to $118k.

I am planning to take a no-cosigner loan from the university. But I am not sure whether the university will process my loan application before my visa interview. Are you an Olin Admit?

wot_me_worry Says
Well good news alekhine 😉 ! You only need to show proof for 59 K to Olin for the i20.
6

Yes mi friend I am an Olin admit but I am not sure whether I'd join. 105 K in expenses is just too much for a non T20 school. So I might head towards BC and earn my MBA at one third that cost.

Talking about the non-cosignor loan, it will not be processed before you get your visa. hence you'd need to show 60K in liquid cash (which can be managed if you get an SBI loan worth 20 lac approved) and assests worth another 60 -70 K. So basically, you dont have to show too much in liquid cash if you can get that loan approved for 20 lakhs (using it is another matter).

let me know if you have any questions.

wot_me_worry,


Thanks for the reply.
You are right. For obtanining I20, I need to show my first year's expense i.e. approx. $59k. But my interviewer at the visa consulate might ask me to show $59k in liquid form and another projected $59k(for my 2nd year). So, that amounts to $118k.

I am planning to take a no-cosigner loan from the university. But I am not sure whether the university will process my loan application before my visa interview. Are you an Olin Admit?
7

wot_me_worry,

I would say Olin is pretty close to the T20 threshold. Atleast it's been consistently ranked in T30s from last few years. I won't worry too much about shelling out $100k for a T30 school if I have no other options. I have a 100% tuition waive-off (fellowship) from Virginia Tech which is ranked 56 as per the latest US News rankings. You seem to have a much better option in BC. Well, all I would say is weigh all the pros and cons and make an informed decision. It's a tough call, but it's really worth the efforts considering this might be our last school education.

Coming to the main point, can you tell me if SBI accepts a loan application on the basis of admission letter and without an I20? And how much time does it take to process the application once I have all required documents? For loans greater than 7.5 lacs, do all Banks seek collateral? I can show property, but I am not sure how to get it's current value evaluated.

Thanks for answering.


Yes mi friend I am an Olin admit but I am not sure whether I'd join. 105 K in expenses is just too much for a non T20 school. So I might head towards BC and earn my MBA at one third that cost.

Talking about the non-cosignor loan, it will not be processed before you get your visa. hence you'd need to show 60K in liquid cash (which can be managed if you get an SBI loan worth 20 lac approved) and assests worth another 60 -70 K. So basically, you dont have to show too much in liquid cash if you can get that loan approved for 20 lakhs (using it is another matter).

let me know if you have any questions.
8
wot_me_worry,

I would say Olin is pretty close to the T20 threshold. Atleast it's been consistently ranked in T30s from last few years. I won't worry too much about shelling out $100k for a T30 school if I have no other options.
True .. you seem to have an easier choice to make 😉 . Olin is undoubtedly the best option I have but the big question is whether it is worth the huge loan! It has done consistently done well in the rankings but I would really wait for the BW rankings. Anyhow, I have talked to lot of guys thr and trust me you wont regret going to Olin.

Coming to the main point, can you tell me if SBI accepts a loan application on the basis of admission letter and without an I20? And how much time does it take to process the application once I have all required documents? For loans greater than 7.5 lacs, do all Banks seek collateral? I can show property, but I am not sure how to get it's current value evaluated.

Thanks for answering.
You should be able to get the loan approved with your admit letter and other papers that you have already received. Also, for a loan greater than 7.5 laks you will need to show collateral... Anything. The value will probably be evaluated by the bank.. not sure about that.
9

Guys,
I am planning to do MBA from Manderson shcool of business. I have to spend 20 lacs for the two years. I applied for a edu loan in SBI. After a week, I got a call from the manager asking for a resignation acceptance letter from my current company....
I am wondering how this is going to help him?
Do you guys also experience the same?
Is there any bank which can approve loan request within two weeks?

Thanks
Raj