Financing Your MBA

Tuition and living expenses for first-year students for the 2009-2010 academic year is $81,100. 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.

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.

Information on financing options is available through the Wharton MBA Program website and through Student Financial Services .

The University of Pennsylvania offers information on several educational financing programs to assist students in meeting their educational expenses. These programs include Federal Stafford Loans, Alternative Loan Programs, and Penn Payment Options offered through the University of Pennsylvania's Student Financial Services. Please visit the Student Financial Service (SFS) website for more information. 

Students will be asked to submit a fellowship essay as well as provide information on their financial situation. Applying for a fellowship has no impact on your admissions 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.

You will receive an Award Notification Letter (ANL) in the mail shortly after you receive your admission decision.  The ANL will detail the amount of the fellowship as well as the amount of loan you are eligible to borrow. 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.

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. 

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 non-resident 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.