It is important for you to read the insert that accompanies your term bill. The following information will give you some understanding of how funds are applied to your account.
- Scholarships, fellowships, teaching assistantships, and departmental grants: If you were awarded any of these funds, credit will be applied to your student account in accordance with the instructions provided by your department.
- Direct Loans, Direct Grad PLUS Loans, and Alternative Loans: Most loans are disbursed to your student account via electronic funds transfer (EFT).
Payment through the Penn Payment Plan
The Penn Payment Plan is an interest-free plan offered to families who wish to spread out their educational expenses over four months per semester. The plan is available for the fall and spring semester only. Participation is voluntary. A student can only have one payment plan per semester. The Penn Payment Plan is set up to pay the remaining balance due on the students account after charges and any expected credits from scholarships, Penn grant, loans or other resources are applied to the student account.
Your billing and Penn.Pay history are kept online for six months for your reference.
|Bill Delivery and Mechanism||Bill Delivered/Mailed||Due Date|
|Fall 2018 Term||July/August paper bill and e-bill when applicable||July 1, 2018||July 29, 2018|
|Spring 2019 Term||E-bill only||December 2, 2018||January 7, 2019|
|Monthly||After September 1, 2018 e-bill only|
A late payment penalty of 1.5% of any past-due balance will be assessed monthly. A past-due balance may also result in your student account being placed on financial hold. If left unresolved, financial hold can restrict future registration, receipt of your diploma and academic transcripts.
Refund Procedures and Direct Deposit Program
Students are entitled to a refund if their actual financial aid (excluding temporary credits) exceeds their billed charges (i.e. tuition, fees, insurance, etc.). For refunds produced by Federal aid such as the Direct or Direct Grad PLUS Loans, you must give the University permission to use these funds to cover certain charges such as health insurance. Failure to complete this step may result in a balance due the University after a refund is produced.
The University of Pennsylvania strongly encourages students to enroll in direct deposit to expedite payment from University employment or refunds from financial aid funds. You can enroll online at http://www.srfs.upenn.edu/refunds/index.htm. Remember: Your checking or savings account must be with a U.S. financial institution; for a list of local banks visit our website.
Third Party and Sponsorship Payments
Third Party Payment is when a domestic or foreign company, corporation, state or government agency has been granted, by Student Financial Services (SFS), special billing arrangements to cover tuition and other fees for students that they sponsor. SFS must have a letter of authorization on file. For additional information, please visit the Third Party Payment instructions on the Student Financial Services website.
Please be sure to discuss your situation with the Wharton MBA Financial Aid Office if you decide not to return to the sponsor after graduation. Federal and private student loans are not eligible to refinance a sponsorship.