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Financing Your MBA

Financing Your MBA

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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>