Proof of Funding
Deadline for Deposit and Proof of Funding for Admitted Students
Residential Candidates (SCMr) are notified of admission on a rolling schedule between November and April. Admitted students are given ONE MONTH to accept their offer by submitting a deposit of $2500, and if an international student also submit proof of funding.
Blended Candidates (SCMb) will be notified of admission on or before August 1. They will then have until Sept 1 to provide both their deposit of $2500, and if an international student also submit proof of funding.
The deposit is nonrefundable. This deadline is strictly adhered to for both the deposit and proof of funding. If an admitted student fails to meet this deadline fully their slot in the program will be offered to the next candidate on the Wait List. The proof of funding is required of all international students, not US Citizens (US students have many funding options available to them through both the government and private institutions.).
Explanation: Students on our waitlist are often international citizens who will require a visa to come to the US to attend school. Visa applications take 3-4 months to process. Unfortunately each year several admitted students withdraw from the program due to lack of finances after the visa application deadline has passed. This effectively cheats the next student on the waitlist out of the opportunity to attend MIT. To discourage this from happening, the SCM program requires admitted international students to provide both their deposit and proof of funding early enough so that if they fail, there is still time for the next person on the waitlist to get their visa.
Proof of Funding Documentation and Submission
The SCM program requires exactly the same Proof of Funding Documentation as MIT’s International Students Office requires for visa processing. Note the important difference however:
- The deadline for submitting Proof of Funding for the SCM program is EARLIER than for the ISO Office. The SCM deadline for Proof of Funding is
- within 1 month of being admitted for SCMr students
- September 1 for SCMb students
Funding Documentation Requirements
The proof of funding documentation must show that you have sufficient funds to attend the SCM program.
- $101,012: Amount needed for SCMr Program for 2018
- $58,059: Amount needed for SCMb Program for 2018
How to Submit Funding Documents
- DO NOT mail or email your documents to MIT
- Submit funding documents electronically into DropBox
- Admitted Students will be given access to DropBox as instructed in their letter of admission
Please read the information below carefully and submit financial information to the SCM program only as instructed in your admissions communication.
Keep all the original documents, as you will need them during the visa application. All submitted documentation MUST be in English or include certified translations along with original documents. The SCM program will review the documents and may request further financial documentation, if necessary.
ALL personal/family financial statements MUST:
- Be issued on official bank letterhead
- Be issued within the last 6 months
- Be signed by a bank official
- Verify the specific amount of support. Please convert the currency into US Dollars.
- Verify that funds are available from checking/draft, savings, or certificate of deposits accounts ONLY. Certificate of deposit accounts must mature by the program start date of your initial term at MIT in order to be considered. All funding from these accounts must be readily available.
- Funds from any other type of account or other sources will NOT be accepted.
ALL family members who submit financial support documents on your behalf MUST also provide a letter of sponsorship confirming:
- They are willing to support you financially
- The duration of their support
- The amount of support
- Their relationship to you
If you are funded through a bank loan, we accept ONLY:
- The approved letter as evidence of MIT loan, from the MIT Credit Union
- The official letter certifying that the loan was APPROVED and the amount, from all other institutions
ALL letters of sponsorship from company/government/organizations etc, MUST:
- Be issued on official letterhead within the last 6 months
- Be signed by a designated official
- Specifically state the total amount covered, which expenses will be covered, for what duration, and whether the amount includes dependent support
- Salary or projected income is not acceptable
If you have been granted a scholarship by the SCM program:
- The letter of admission or other written communication from the SCM program can serve as proof of financial support. However, you need to be sure that it includes the amount you will receive.