Financial Information
TUITION AND EXPENSES
The following is the estimated 2008-2009 Wharton MBA Student Educational Budget for first- and second-year students.
| 1st year | 2nd year | |
| Tuition | $44,480 | $44,480 |
| General Fee* | 2,000 | 2,000 |
| MBA Program Fee | 1,424 | 1,424 |
| Health Fee* | 326 | 326 |
| Health Insurance* | 2,600 | 2,600 |
| Pre-Term Fee | 1,650 | 0 |
| Pre-Total Tuition & Fees | $52,480 | $50,830 |
| Other Expenses | ||
| Room & Board | 21,398 | 21,398 |
| Book, Supplies & Misc. | 6,172 | 6,172 |
| Total Student Budget | $80,050 | $78,400 |
Tuition: Covers full-time attendance at the Wharton Graduate School.
General Fee: Mandatory fee. Covers access to Career
Management, graduate activities, recreational facilities, library
services, and other University services not directly associated
with specific courses.
MBA Program Fee: Mandatory fee. Includes class handouts,
printing, business cards, and technical fees.**
Health Fee: Mandatory fee.
Health Insurance: Mandatory unless covered by an outside agency.
Room and Board: Reflects an average off-campus shared residence.
Books, Supplies & Miscellaneous: Includes required texts and classroom supplies, telephone service, inter-city travel, entertainment, laundry, clothing and other general personal items.
Pre-Term: Mandatory Pre-Term fee ($1,650) applies only to the first year of the program.
Costs not included in the educational budget include:
| Avg. | Middle 50% Range | |
| Student Activities | $860 | $650-1,150 |
| (clubs, conferences, parties) | ||
| Avg. | Range | |
| Global Immersion Program*** | $6,200 | $5,800-7,800 |
Other expenses to consider are: moving or travel expenses, prior debt, furniture, car expenses, security deposits, cell phones, entertainment, club or student activity fees, computer purchase, animal care, gifts, clothing, or expenses related to your job search.
**Your printing account will open with a non-refundable $40 balance. Any
monies added to this account will be refunded if not used.
***Optional, includes cost of program but not personal spending.
TUITION BILLING, REBATES, AND SURCHARGES
The MBA program is a full-tuition program. This means that: (a) you normally pay full tuition in each semester regardless of your course load, and (b) you must pay at least four semesters’ full tuition and fees before you can graduate. For four semesters’ tuition and fees, you are allowed a maximum of 21 cu before graduating from the MBA program. If with the permission of your academic advisor you carry a course load beyond 21 cu, you will be billed a tuition surcharge. The tuition surcharge is $5,707 per cu for the 2008-2009 academic year. Course loads of less than 21 cu do not entitle you to a tuition rebate. All 21 credit units must be taken before graduation. Once you have graduated, you cannot return to use these credit units. You are responsible for counting the number of credits taken. You may consult with an academic advisor for assistance.
Summer Courses
Tuition for the University’s summer courses is billed separately for each course; the rate per cu is $5,382 plus a summer MBA general fee of $251 for the 2007-2008 academic year. If you take summer courses and are in a position to graduate from the MBA program after the fall semester of your second year, you may be liable for a surcharge according to the following criterion. If the total tuition you have paid in the summer plus the fall of your second year is less than full tuition for the second year, then the surcharge is the difference as per rule (b) above. Conversely, if by taking summer courses you need to carry only a partial load in your second year, then the tuition in your last semester is appropriately reduced so that (as long as your total credit load in the MBA program does not exceed 21 cu), your total tuition equals the normal four semesters’ tuition. Please see the following paragraphs for surcharge and rebate policies for dual-degree programs.
Dual-Degree Students (except Lauder, the Law School, JD/MBA, and the School of Design)
Students in approved dual degree programs are required to be
in residence at Wharton for three semesters, minus the above
noted exceptions. Wharton is the primary school of residence
during these three semesters, and the alternate program is the
secondary school of residence. Tuition is paid to the primary
school of residence.
During the three semesters of primary residence with Wharton, students are limited to 16.5 credit units, regardless of whether those credits are from courses at Wharton or another School at Penn. Tuition paid for courses completed during the summer sessions will be deducted from the tuition in the last semester of residence atWharton if the cumulative credits during the three semesters of primary residence do not exceed the 16.5 credit unit maximum. Credit units earned beyond the 16.5 limit are charged at the rate of $5,707 per credit.
MBA/MA Lauder Students
For theWharton component of their tuition, Lauder
MBA/MA students are governed by tuition policies that apply
to regular MBA students. Because four credit units from the
Lauder students’ MA degree are counted toward the MBA,
Lauder students may only take 17 Wharton credit units (therefore
meeting the 21 credit limit) above which tuition surcharges
apply at the per credit unit rate
The Law School/The School of Design
For theWharton component of their tuition, JD/MBA students
and all MBA/School of Design dual degree students
(MBA/March, MBA/MLA, MBA/MCP, MBA/MLA and
MBA/MHP) will spend two semesters atWharton and will pay
tuition at theWharton rate. For the remainder of their dualdegree
program, they will reside at the Law School or the
Design School, paying tuition to the Law or Design Schools.
MBA/JD and MBA/Design students are limited to a total of
11 credit units during their two semesters in residence at
Wharton. Any course work done after the second semester is
billed at the rate appropriate to the Law or Design School. If
one chooses to enroll in courses during the summer following
the two semesters atWharton, these courses cannot be counted
toward the Law or Design portion of their dual degree program.
They will instead count toward the MBA portion, and if
they exceed the 11 credit maximum for the first year, they will
be surcharged accordingly.
The Office of Student Financial Services (SFS) will send the first fall semester bill in early July. The bill is sent to the permanent address that you gave the Registrar on your Student Data Form. The fall semester bill is due at the end of July. It is your responsibility to contact SFS at 215.898.1988 or go to their website if a bill is not received. It is important that you follow the mailing instructions that SFS provides with the student bill. Credit card payments are permitted only when paying your bill online with American Express. If your bill is correct, mail it with your check or money order in the envelope provided by the date indicated on the bill. Late payment will result in interest charges. Payment may be made in person at the Cashier’s Office, a division of the Office of Student Financial Services located at 100 Franklin Building. Students may also make tuition payments by way of wire transfer, a method which may be especially convenient to students from outside the U.S. Details are available through the Information Center at 215.898.1988.
Remember to keep the top portion of your tuition bill as a receipt after it has been sent back to you. This is known as your matric card. If credit for an expected scholarship or loan has not been applied to your bill, contact theWharton Financial Aid Office at 215.898.8728.
If the tuition charge on your bill is incorrect, contact the MBA Program Office, 300 JonM. Huntsman Hall, 215.898.7604. If you have questions about dining services, residence charges, or health insurance, call the appropriate office. The telephone numbers are listed on the back of your student bill.
NEED-BASE GRANTS AND FELLOWSHIPS
Wharton offers fellowships and need-based grants. All admitted students are eligible to apply. If you are selected, an offer letter confirming the award will be included in your Award Notification letter. Selections forWharton Merit fellowships are made by a Fellowship Committee.
FINANCING YOUR EDUCATION
Financing your education can be done through several sources. These sources can consist of family assets, sponsorships, scholarships and/or federal and institutional loans. The majority of graduate students finance their education through loan programs. U.S. citizens and permanent residents are eligible to apply for federal loans, such as Stafford. If you need to borrow more than the federal student loans, you can borrow through one of the alternative loan programs listed in your Welcome booklet. International students are eligible to apply for the Wharton International Citibank Loan, also offered through Citibank. Interest on this loan is Prime +2%. If you have a credit-worthy co-signer who is a U.S. citizen or permanent resident, you can apply to any alternative loan program. It is important that you follow the instructions written in the financial aid section of your Welcome booklet if you plan to finance your education through loans. The booklet is included in your admit packet.
If you have questions after reviewing the information, you can contact Wharton’s Graduate Admissions and Financial Aid Office, 420 Jon M. Huntsman Hall; tel: 215.898.8728 fax: 215-898-0120; or by e-mail: mba.finaid@wharton.upenn.edu. Another good financial website for exploring general sources is www.finaid.org.
Federal regulations require that all of a student’s academic year earnings be considered a resource in determining financial need. Consequently, students receiving financial aid who obtain work need to inform the University’s Office of Student Financial Services. Any job earnings may result in a reduction of the financial aid award.
Teaching and Research Assistantships
MBA students are occasionally able to obtain a teaching or research assistantship through one of Wharton’s academic departments, research centers, or administrative offices. Time commitment and remuneration vary with the position. Qualified students should contact the department(s) of their choice directly. For a list of department addresses and telephone numbers, refer to the telephone directory at the end of this book. Finally, you are not limited to the Wharton School in your search for an assistantship. Your skills and expertise may be attractive to other schools within the University.
Residential Advisors
Each year, the University hires graduate students and upperclassmen to serve as residential advisers. Duties include counseling undergraduates on personal, social, and academic matters, and helping to plan dorm activities. Remuneration includes a furnished room and, in some cases, a cash stipend. Completed applications must be filed in January for the following academic year. Late applications are assigned a waiting list status and are considered as positions become available. Applications and further information can be obtained from the Office of Housing & Conference Services, 3901 Locust Walk, 215.573.3676 or from the website: http://www.collegehouses.upenn.edu.
Employment for Spouses
Spouses interested in obtaining employment at the University should file an application with The Penn Job Center (Unique Advantage), 3550 Market Street, Suite 110 (Science Center), Philadelphia, 19104, phone 215.222.2246, website: www.hr.upenn.edu/jobs/. Spouses who are not U.S. citizens must make sure to meet necessary visa requirements. For details, please consult the Office of International Programs, 3701 Chestnut Street, Suite 1W, phone 215.898.4661, website http://www.upenn.edu/oip/.
Other Part-Time Employment
The Office of Student Employment at the University maintains a comprehensive listing of nontechnical employment opportunities, both on campus and in Philadelphia. Students who wish to obtain part-time employment should visit this office, located in the Franklin Building. The Philadelphia area offers numerous opportunities for Wharton students to earn money during the year. In the past, students have found employment in local firms. Since few Wharton Graduate classes are held on Friday, job opportunities are sometimes feasible for students who wish to work then. Students who are not U.S. citizens should check visa requirements with the Office of International Programs, 3701 Chestnut Street, Suite 1W, phone 215.898.4661 or check the website at http://www.upenn.edu/oip/.
STUDENT CREDIT UNION
The University of Pennsylvania Student Federal Credit Union opened its doors in April 1987. It has since gone on to become the nation’s largest student-run credit union, with over $7.1 million in assets and approximately 6,200 members. Membership in UPSFCU is open to all Penn students and alumni, and offers services that focus on student’s special needs. These include share (savings) and share draft (checking) accounts, MAC ATM cards, credit cards, CDs, and travelers checks. In addition, UPSFCU offers a variety of loans specifically designed for students. These include credit history loans, graduate assistance loans, computer loans, travel, and transition loans. UPSFCU is located 3401 Walnut Street, Suite 431A. Hours are Monday through Friday from 11:00 a.m. to 5:00 p.m. UPSFCU also offers bank by phone services. For more information call 215.898.9697 or check the website at http://sfcu.upenn.edu/.