Admitted applicants who intend to apply for a [ ] student visa must document sufficient financial resources to cover program costs and living expenses.

Will you have sufficient funds to cover your graduate study at [ ]? Yes or No.

I am struggling with how to answer the question above.

I am a first generation university student and I certainly do not have sufficient funds (i.e. approx US$100,000) to cover graduate study at [ ]. I do however have a very good CV (academic and professional achievements) and, if I get a significant scholarship, I would hopefully have sufficient funds.

If I say "no", this doesn't seem to capture the caveat that I would have sufficient funds IF I get a significant scholarship.

If I say "yes" (on the basis that I would have sufficient funds IF I get a sizeable scholarship), then I am concerned that I may be overlooked in the scholarship decision process on the basis that it may be thought I already have sufficient funds.

Grateful for your thoughts on how to answer this question. Perhaps I am over-thinking the question.

Dear Charlie,

You can safely go ahead and say 'no'. Or atleast that's what I've done in my applications last year and I didn't have any issues with the admission offers. 

If there's an option to mention about financial aid, you should put a remark saying you're hoping for financial support from the college and will also be looking at external borrowings, if you're admitted. That should suffice. 

But not to worry, this will not affect your application, as per my experience. 

Good luck!

Best,
Sherlocked