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WHARTON WELCOME WEEKEND Financing an MBA at Wharton. Sharon Brooks Senior Associate Director, Office of Financial Aid April 14, 2007. Topics for Discussion. 2007-08 Student Budget Fellowships Federal Loan Programs Private/Alternative Loan Programs Other Financing Options Miscellaneous
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WHARTON WELCOME WEEKENDFinancing an MBA at Wharton Sharon Brooks Senior Associate Director, Office of Financial Aid April 14, 2007
Topics for Discussion • 2007-08 Student Budget • Fellowships • Federal Loan Programs • Private/Alternative Loan Programs • Other Financing Options • Miscellaneous • Financial Aid Contact Information
Fellowships • Approximately 25% of the entering Class will receive a Wharton fellowship • Applicants must submit an essay, resume, and the Need Access application to be considered for a fellowship • Deadline: May 14
Federal Loan Programs • Federal Stafford Loan: Maximum $20,500 Maximum $33,000 (Healthcare only) • Federal Perkins Loan: (if eligible) • Graduate Federal PLUS Loan:
Private/Alternative Loan Programs • Citibank Domestic Loan Program:www.studentloan.com/schools/upenn • Access Group: www.accessgroup.org • MBA Loans:www.salliemae.com/mbaloans • Bank of America: www.bankofamerica.com • Nellie Mae:www.nelliemae.org • Northstar: www.northstar.org
Other Financing Options • Personal Savings • Help from Family Members • Outside Sponsorships: (Corporate Fellowships, Company Sponsorships) • Club, religious, community organization affiliations
Miscellaneous • The importance of good credit will make it easier for you to borrow. Bad credit will prevent borrowing from private/alternative loan programs • Credit Scoring – review of all aspects of student credit history may be used to approve/deny loan application • Be careful about opening too many new credit card accounts • Credit Reporting Agencies: • Experian – www.experian.com • Trans Union – www.tuc.com • Equifax – www.equifax.com
Miscellaneous • Wharton expects each student to contribute a minimum of 10% per year toward his/her educational expenses (approximately $7,800) • Using loans to offset educational costs is done through following specific instructions found in the ‘Welcome!’ Booklet • Manage monthly budget carefully – less chance for lack of funds at end of each semester
Financial Aid Contact Information Financial Aid Staff: Sharon Brooks, Senior Associate Director Tammy Carter, Associate Director Teresa Del Pizzo, Administrative Assistant LaKeisha Knight, Loan Coordinator • Telephone: 215-898-8728 • Fax: 215-898-0120 • E-mail: mba.finaid@wharton.upenn.edu