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WHARTON WELCOME WEEKEND Financing an MBA at Wharton

WHARTON WELCOME WEEKEND Financing an MBA at Wharton. Sharon Brooks Senior Associate Director, Office of Financial Aid April 19, 2008. Topics for Discussion. 2008-09 Student Budget Fellowships Federal Loan Programs Private/Alternative Loan Programs Other Financing Options Overview

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WHARTON WELCOME WEEKEND Financing an MBA at Wharton

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  1. WHARTON WELCOME WEEKENDFinancing an MBA at Wharton Sharon Brooks Senior Associate Director, Office of Financial Aid April 19, 2008

  2. Topics for Discussion • 2008-09 Student Budget • Fellowships • Federal Loan Programs • Private/Alternative Loan Programs • Other Financing Options • Overview • Miscellaneous • Financial Aid Contact Information

  3. 2008-2009 Estimated Student Budget

  4. Fellowships • Approximately 32% of the entering Class will receive a Wharton fellowship • Submission of essay, resume, and the Need Access application are required • Deadline: May 16

  5. Federal Loan Programs • Federal Stafford Loan: Maximum $20,500 Maximum $33,000 (Healthcare only) • Federal Perkins Loan: (if eligible) • Graduate Federal PLUS Loan:

  6. Private/Alternative Loan Programs • Lenders will perform a credit review • Poor credit rating may require a co-signer • Lenders information and list are available in your Welcome Booklet and on Student Financial Services (SFS) website, www.sfs.upenn.edu • You are not required to use any lenders listed nor will you be penalized or disadvantaged for selecting another lender • Award Notification Letter will indicate the amount you are eligible to borrow

  7. Other Financing Options • Personal Savings • Help from Family Members • Outside Sponsorships: (Corporate Fellowships, Company Sponsorships) • Club, religious, community organization affiliations

  8. Overview • Complete and submit Need Access application, essay and resume • Award Notification Letter • File Free Application For Federal Student Aid (FAFSA) • Send copy of 2007 Income Tax and W-2 to Wharton Financial Aid Office • Begin process of selecting a lender for federal and private loan • 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

  9. Miscellaneous • Wharton expects each student to contribute a minimum of 10% per year toward his/her educational expenses (approximately $8,000) • Loans can be used to offset educational costs up to the set Student Budget • Manage monthly budget carefully

  10. Financial Aid Contact Information Financial Aid Staff: 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

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