Apply for Financial Aid or not? A unique situation.

[alexnoh]

Dear mbaMission Admissions Consultant,

I have scored 750 on my GMAT and feel confident about my essays as I am about to submit my application to top MS in Accounting programs. However, I still cannot decide whether to apply for financial aid because I have a unique income situation as a trader.

2010 was an unforgiving year for many traders including myself, and I will be reporting $0 income, actually a small loss.
I am afraid that my income will affect my chance of admission when admissions committee sees this as a conflicting information to to my essay on which I have described my career as a success.

As I do not feel comfortable asking schools directly, I am seeking your professional opinions to my questions.

1. Will my $0 income actually have any negative outcome on my admission? I don't exactly know how admissions committee and financial aid office work together.

2. Even if I click No for financial aid, will schools offer merit based scholarship for my high GMAT score?

If possible, I want the financial aid, but if my last year's income has any chance of jeopardizing my admission to the schools, I do not think that it's worth to risk my admission for the scholarship I do not even know I will receive. I have just enough savings to last me through MS in Accounting, and I can find a side job to support myself.

Thanks in advance for your advice.

Sincerely,

Alex

Ps. Because I am only interested in grant and do not want any loan, I am more inclined towards not applying for financial aid.

[mbamission]

Hi Alex,

Thanks for writing in -- that certainly is a unique situation. While I only real specialize in MBA programs, I imagine my answer would apply for your MS programs as well.

Financial aid at each school is different, as are merit scholarships. I recommend reporting your actual income and if you feel this contradicts an essay, then you can also explain in that essay why even though 2010 was bumpy, you feel you are/have been successful.

I don't believe reporting "$0" income in itself will impact your chance at admissions. After all, plenty of applicants come from volunteering in the Peace Corps or similar ventures, and are likely reporting very small incomes. In itself, that income is not a reason for rejection.

Best of luck!


Daniel Richards
http://www.mbamission.com

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