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Financing Your MBA

Financing Your MBA . The Wharton School University of Pennsylvania April 17, 2004. General Information. You can finance business school through student loans Apply within the suggested deadlines as indicated in your FA booklet Take financing your education as seriously as admission …

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Financing Your MBA

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  1. Financing Your MBA The Wharton School University of Pennsylvania April 17, 2004 <footer>

  2. General Information • You can finance business school through student loans • Apply within the suggested deadlines as indicated in your FA booklet • Take financing your education as seriously as admission … it may be harder than getting admitted! <footer>

  3. How the Wharton MBA Program is Financed • Students and families • Federal aid – Loans (Stafford, Perkins) • Private/Alternative Loans – (Citibank, Access, Sallie Mae, MBA Loans, Teri) • Loans from country of citizenship • Institutional aid – (fellowship/grant) <footer>

  4. Students and Families • Savings – Stocks, Bonds, IRA, 401k, personal savings • Student earnings – summer • Parental and other gifts • Employer sponsorship <footer>

  5. Student Expense Budget • Per federal regulations total aid must not exceed student budget • Set by Institution • Budget includes: tuition & fees, room & board, books, supplies, living expenses and miscellaneous • Based on single student – married students may request a budget re-evaluation <footer>

  6. Federal aid for U.S. citizens & permanent residents includes: • Federal Stafford Loans – sub/unsub; total of $18,500 per year • Perkins Loans – subsidized – federal agency determines eligibility – maximum $6,000 • FAFSA – Must be completed each year to receive federal funding… process is Free – no cost <footer>

  7. Private/Alternative Student Loans • Credit based • Signature – no collateral • Variable interest rate • Co-signer options/requirements • Private/alternative loans include: Access, Sallie Mae, Citibank, Teri, MBA Loans, and more <footer>

  8. Credit • A growing issue for higher education • If your credit is bad, you may not be able to borrow private loans • Most loan agencies review all aspects of student credit history ________________________________________ Credit Reporting Agencies Experian: www.experian.com Trans Union: www.tuc.com Equifax: www.equifax.com <footer>

  9. Questions to ask Yourself • How much will this really cost? • Can I afford it? • What are my total assets and savings? • What is my current indebtedness? • What portion of my savings/assets can be used to decrease my borrowing ______________________________________ • Food for Thought: The monthly payment of a $100,000 loan, payable over 15-years, interest rate at 4.50% will be approximately $765/per month. <footer>

  10. What Are My Next Steps? • Read and follow your FA instruction booklet. • Complete the Steps in sequence. • Award Notification Letters will be sent to you within 2-days of our receipt of all required documentation. • File loan applications within suggested deadlines.. (International students must wait until arriving in the U.S. to file loan applications). • If you have questions regarding the process contact our office, not Student Financial Services (SFS). <footer>

  11. Have I exhausted you yet? Sharon Brooks University of Pennsylvania The Wharton School 420 Jon M. Huntsman Hall 3730 Walnut Street Philadelphia, PA 19104-6340 Telephone: 215-898-6183 ext.6 FAX: 215-898-0212 E-mail: mba.finaid@wharton.upenn.edu <footer>

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