Summary of "Financial Aid Options for Executive MBA Students"
Financial Aid Options for Executive MBA Students at Wharton
Cost of Attendance
- Total tuition for Wharton Executive MBA (Class of 2022): $214,800 for the 30-month program.
- Payments are split into three per academic year: $35,800 each for summer, fall, and spring terms.
- A $2,500 deposit for the summer program is subtracted from the first payment.
- Program start date is pending confirmation; payment schedule may adjust accordingly.
Funding Sources
1. Federal Student Loans (Domestic Students)
- Must complete FAFSA at studentloans.gov.
- Two types of loans available:
- Direct Unsubsidized Loan
- Interest rate: 0%
- Origination fee: approximately 1.067%
- Loan cap: $20,500 per academic year, split over three terms.
- Grad PLUS Loan
- Interest rate: 0%
- Origination fee: 4.28%
- Direct Unsubsidized Loan
- Additional requirements include completing a Master Promissory Note (MPN) and entrance counseling.
- Processing time is approximately 4-6 weeks from application to fund disbursement.
2. Private Student Loans (Domestic Students)
- Interest rates typically range from 5% to 12%.
- Wharton provides a list of recommended lenders but encourages independent research.
- Credit score significantly impacts interest rates; better credit generally results in better rates.
3. International Students
- Advised to explore lenders in their home countries.
- Other options include:
- Quorum Federal Credit Union: Prime + 3.50% (Prime currently 3.25%)
- Prodigy Finance: 3-month LIBOR + 4.50% (3-month LIBOR approximately 1.22%)
- Discover Student Loans: 3-month LIBOR + 4.99%
4. Military Students
- Must submit DD-214 and Certificate of Eligibility to veterans@upenn.edu about 30 days before classes start.
- Eligible for GI Bill and Yellow Ribbon Program:
- Yellow Ribbon contribution this year: $17,500, matched by the university.
- Next year’s Yellow Ribbon amount will increase to $20,000.
Loan Forgiveness
- Ben-Haim Loan Forgiveness Award Program
- Eligible students: those working in nonprofit or government sectors.
- Application window: within 5 years post-graduation.
- Maximum award historically: $20,000 to pay down existing loans.
Recommendations & Next Steps
- Check and improve credit reports and scores before applying, especially for private loans.
- Assess personal financial resources and consider using savings to pay for initial years to minimize interest.
- Review Wharton’s financial aid website for detailed resources.
- Contact Wharton financial aid office for one-on-one appointments or questions.
Disclaimers
- Interest rates and fees are current as of the recording date and may change.
- Processing times and eligibility criteria apply.
- This is not financial advice; students should conduct personal due diligence.
Presenters
- Diane Sharpe, Director of Admissions, Wharton Executive MBA Program
- Maxine Eddie Khoya, Director of Student Finances, Wharton Financial Aid Office
- Mention of Barb Kraft (West Coast colleague, not present in recording)
Contact Information
Financial Aid Office email and phone were provided at the end of the session (not explicitly listed here).
Category
Finance
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