International Students Financial Aid Process

Billing Schedule for the 2016-2017 Academic year
Bill Delivery and Mechanism Bill Delivered/Mailed Due Date
Fall Term July/August e-bill July 1, 2016 July 29, 2016
Spring Term E-bill December 2, 2016 January 7, 2017
Monthly After September 1, 2016 e-bill only

Late Payments
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.

Financial aid instructions for the 2016-2017 academic year

STEP 1. Review the student budget before submitting a loan application. Students may borrow up to 80% of the cost-of-attendance budget less any financial aid, e.g., fellowships or scholarships if borrowing a loan with Quorum Federal Credit Union. If you are married and/or have dependents, you may face higher costs. Students with extenuating circumstances can request a budget reevaluation to borrow funds above the set student budget once the Fall 2016 semester has started. Please contact the Wharton MBA Financial Aid Office at 215-898-8728 or by email at financialaid@wharton.upenn.edu for additional information.

STEP 2. Evaluate your financial aid status and determine which loan options (if needed) are best suited for the upcoming academic year. If you are an international student who is neither a dual U.S. citizen nor a U.S. permanent resident, we encourage you to investigate all sources of funding within your home country, including government and private scholarships and loans.

STEP 3. Submit a loan application(s) through the following loan programs:

Do not submit a loan application before May 1, 2016

Suggested Deadline: In order for the loan disbursements to credit your account by the billing due date, please submit all loan applications by June 30, 2016.

Quorum Federal Credit Union
Wharton has partnered with Quorum Federal Credit Union to provide a non-cosigned loan product that does not require a U.S. co-signer. The current offered rate is 8.00% APR (with the opportunity to reduce the interest rate by up to .75bp if a U.S. co-signer is acquired and graduates arrange for automatic repayments) and 1% draw fee added to each disbursement.

  • Loan Limits:Up to 80% of the cost-of-attendance budget minus any other financial aid.
  • Loan Period:September 1, 2016 to May 15, 2017 (Fall 2016 to Spring 2017)
  • Returning Quorum Loan Borrowers:No action is required at this time. Quorum Federal Credit Union/Student Choice will send online Draw Request instructions and additional information on the loan process shortly after May 20, 2016. Please visit Quorum Federal Credit Union website after receiving the Draw Request instructions.
  • New Quorum Loan Borrowers: Please visit Quorum Federal Credit Union to complete a new loan application for the 2016-2017 academic year. Quorum Federal Credit Union will follow up with you with further instructions.

Please Note (OFAC Sanctions): If you have citizenship in or currently reside in an OFAC sanctioned country, please call 1-800-874-5544 and select option 3 for the Lending Department to discuss further.

SouthEast Bank Global Select MBA Loan Program
Southeast Bank Global Select MBA Loan Program provides private student loans for international students attending the Wharton School. This loan program allows students to borrow up to $100,000 per year and does not require a U.S. co-signer. The interest rate is calculated on a variable rate equal to the 3-month Libor plus 7.25% and a 2.00% origination fee will be charged to the borrowers and added to the loan balance. For additional information on applying for a Global Select loan, please visit http://reliamax.hs-sites.com/global-select-mba.

  • Loan Limits: Up to $100,000 per academic year minus any other financial aid.
  • Loan Period: September 1, 2016 to May 15, 2017 (Fall 2016 to Spring 2017)

Prodigy Finance
Prodigy Finance provides loans to talented international students at top business schools, funded by a community of alumni and other investors. Prodigy Finance will allow students to borrow the cost of tuition and living expenses up to 100% of the student budget for both years of the program. For additional information on applying for a Prodigy Finance loan, please visit https://prodigyfinance.com/.

  • Loan Limits: Up to 90% of the cost-of-attendance budget minus any other financial aid.
  • Loan Period: September 1, 2016 to May 15, 2017 (Fall 2016 to Spring 2017)

Disclaimer
Prodigy Finance is not endorsed by The Wharton School and loan borrowers should consider all available financial aid resources when choosing a loan program.

Private Alternative Loan Program
Private Alternative Loans are not subsidized and interest rates and terms of repayment are based on your credit score. In addition, an eligible U.S. citizen or permanent resident co-signer is required for an alternative private loan. Visit Student Financial Services student loan website for the Private Alternative Loan Lenders List and application instructions or review the lenders list below.

  • Loan Limits: Up to the cost-of-attendance budget minus any other financial aid
  • Loan Period: September 1, 2016 to May 15, 2017 (Fall 2016 to Spring 2017)
  • Applications for a private loan must be completed each year.
Product
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Lender Website
Citizens Bank TruFit  Student Loan™ Citizens Bank http://www.citizensbank.com/trufitstudentloan
CommonBond Private Loan CommonBond https://commonbond.co/mba-student-loan
Custom Choice Loan Suntrust Bank http://www.suntrusteducation.com
Discover Certified Private Loan Discover http://www.discoverstudentloans.com/home.aspx
PNC Solution Loan PNC Bank http://www.pnconcampus.com/studentloanguide/
privateloans/default.html
Smart Option Loan Salliemae http://www.salliemae.com/upenn
Wells Fargo Private Loan Wells Fargo http://www.wellsfargo.com/collegeready