Financial Aid FAQs

All admitted applicants are considered for Wharton Merit-Based Fellowship support at the time of admission. There is no separate application and criteria for selection of awards may include academic achievement, compelling leadership, exceptional professional development, and unique personal qualities.

You will be notified in your admission and financial aid letters if you have been chosen to receive a Wharton Fellowship.

Wharton Fellowships are awarded to approximately one-third of the incoming class.

Wharton Fellowships are applied directly to the University Bursar Account in two equal installments for the academic year.

The Wharton Fellowship does not offer reconsideration of fellowship support.  Fellowship awards are non-negotiable.

There are many related work options and Fellow Programs available to MBA students in the second year of the program.

Generally speaking, a scholarship or fellowship that is used for mandatory tuition and fees is not taxable.  If you are awarded a scholarship, fellowship, or sponsorship that exceeds tuition and fees, then the excess amount may be taxable.

We encourage all students to explore scholarship opportunities made available by clubs, organizations, and/or corporations with whom they may be affiliated.

Student Registration & Financial Services (SRFS) is the University’s one-stop shop for financial services, enrollment, records and registration, and student employment. SRFS manages all University billing and payments, loan processing, and registration.

Details can be found in the Budget and Tuition page of the Wharton MBA site. The tuition and living expenses for the second year of the program are similar to the first year of the program.

You will receive the Fall semester billing notification in the beginning of July when student bills are available to view on Penn.Pay. The notification will be sent to your University email address and to other payers and/or email address you designated on Penn.Pay.

Information on financing options are available through the Financial Aid section of this site and through Student Registration & Financial Services (SRFS).

Payments can be made online using Penn.Pay, mail, wire transfer, and in person.

Payment of your bill is expected in full by the bill’s due date. Penn will consider deferring only that portion of your bill that will be paid by pending financial assistance.

If you have a credit balance, excluding memos, you may be eligible for a student refund. Refunds are produced bi-weekly, and SRFS will email you when your refund is ready. If you have authorized direct deposit, your refund is deposited in the bank account you designated. Click here for additional refund information.

Student refunds for the fall term will be available after Pre-Term begins if a credit balance is available on your student account. If applying for student loans later in the academic year, then a student refund will typically be available between 4 to 6 weeks after a loan application is completed with the lender and sent to the school.

The University encourages all students to enroll in Direct Deposit. Whether you are entitled to a refund due to overpayment of your student account, or are receiving wages under a University work arrangement, Penn can securely deposit funds to your U.S. bank account.

Third Party Payment is when a domestic or foreign company, corporation, state or government agency has been granted, by SRFS, special billing arrangements to cover tuition and other fees for students that they sponsor. SRFS must have an official letter of authorization on file from your sponsor. For additional information, please visit Third Party Payments.

Your company can also choose to make payment directly as a Payee on Penn.Pay if they choose not to be set up as a Third Party Sponsor.

Please visit the SRFS Website to view information on how to obtain your 1098-T form.

Penn does not provide a 1098-T to non-US citizens, or any student whose qualified charges are fully funded by grant, scholarship or tuition waivers, or any student who was enrolled in non-credit courses during the academic year.

Please visit the SRFS Website to view information on how to obtain your 1098-T form.

Students enrolling in the university’s health insurance will see the health insurance charge for the fall semester added in mid-September. It is important to note that if any financial aid refund is released prior to the assessment of the insurance charge, then it is the student’s responsibility to use the refund to make a payment for the health insurance charge. Failure to pay the health insurance charge may result in late fees or a financial hold on your account balance.