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Tuition and living expenses for first-year students for the 2007-2008 academic year are $71,948. More detailed information can be found in the Financing Your MBA section.

Yes, the primary source of funding for an MBA is through federal and/or alternative loans. There are also fellowship and grant opportunities available.

First, you must be admitted to Wharton's MBA Program. A Welcome! brochure will be included with your admittance packet with detailed information to guide you through the financing process.

Financing "options" refer to the money to help you pay for your graduate education. If you are a domestic or permanent resident, your primary source of funding will be through federal and alternative education loans. International students use alternative loans as their primary source of funding because they are not eligible for federal loans. Typically, a Wharton financial aid package includes loans, and if you are eligible, a Wharton fellowship or grant support.

The University of Pennsylvania offers several educational financing programs to assist students in meeting their educational expenses. These programs include Penn Federal Stafford, Wharton Citibank Loan, and Penn Payment Options offered through the University of Pennsylvania's Student Financial Services. There are other loan programs with varying interest rates. Information is available online and through your local bank.

Through a preferred relationship with Citibank, Wharton has established the Wharton Citibank Loan Program, to which all students have access. The Wharton Citibank Loan Program is a very competitively priced alternative loan program that allows admitted Wharton MBA domestic and international students to borrow funds to meet their educational expenses. International students are guaranteed a loan, with no co-signer required, that covers their entire student budget for both years of the MBA program.

Admitted students must apply to be considered for a Wharton fellowship. Application instructions are included in the Welcome! brochure. We strongly encourage fellowship applications from all admitted students, including international, who wish to be considered as a recipient of an award. Approximately 25% of the class will receive a merit-based fellowship and 20% will receive grants based on need.

Fellowships are awarded through a Fellowship Selection Committee and based on the strength of a student's application to the MBA program. Grants are based on need and determined through the data collected in the NeedAccess Application.

You should also consider any organizations to which you belong that might have aid funds available such as: religious organizations, fraternal organizations, clubs, athletics, veteran groups, ethnic groups, unions, employers, rotary clubs, etc.

NeedAccess is a financial aid application tool offered by Access Group that gathers information from admitted students to determine their eligibility for institutional financial aid.

Yes, you still need to complete the NeedAccess Application. You will also need to submit a one-page resume and a 500 word essay to be considered for a fellowship.

You will receive an Award Notification Letter in the mail detailing the loan amount you are eligible to borrow as well as the amount of the fellowship awarded. If you are not chosen for a fellowship, the Award Notification Letter will only reflect the loan amount you are eligible to borrow for your studies.

Yes, you will still need to complete the NeedAccess Application. You will receive your Award Notification Letter in the mail after you complete the NeedAccess Application and notify Sharon Brooks by email (brooksl@wharton.upenn.edu) that you do not want to be considered for a fellowship.

The Award Notification Letter is the document generated by the Wharton Financial Aid Office detailing the loan amounts you are eligible to borrow for your studies and may or may not include any fellowship money awarded.

If you are selected as a fellowship recipient, you will receive an Award Notification Letter as well as a Fellowship Letter in the mail. The Fellowship Letter includes details about the fellowship awarded.

The director of the Global Immersion Program submits an official Participants List to Wharton's Financial Aid Office. Student budgets are typically increased, providing students with additional loan eligibility.

The Tax Reform Act of 1986 states that grant assistance is taxable income to the extent that it exceeds tuition, required education fees, and course-related expenses. Course-related expenses are those for books, supplies, and equipment required for your courses. For nonresident aliens, the University is required to withhold federal income tax on grants received in excess of the expenses described above.

The University of Pennsylvania allows online payment of tuition through an American Express card. There is a 2% convenience fee for students who choose this option. The fee is included in your American Express billing statement.