Financing Your MBA

Information Regarding Tuition, Fees, Fellowships, and More

The information below is current and pertains to tuition and fees for students enrolled in the 2017-18 academic year.

1st Year2nd Year
General Fee2,9842,984
Course Materials Fee850850
Clinical Fee546546
Total Tution & Fees$76,580$74,580
Health Insurance$3,348$3,348
Room and Board**22,45020,205
Books and Supplies1,4081,408
Personal and Misc.5,6645,664
Total Expenses$32,870$30,625
Total MBA Cost$109,450$105,205
*Your printing account will open with a non-refundable $40 balance. Any monies added to this account will be refunded if not used.
**Room/board assumes a 10-month calendar and 9-month second-year calendar.

Tuition: Covers full-time attendance at the Wharton School.
General Fee: Mandatory fee. Covers access to Career Management, graduate activities, recreational facilities, library services, and other University services not directly associated with specific courses.
Health Insurance: Mandatory unless covered by an outside agency.
Room and Board: Reflects an average off-campus shared residence.
Books, Supplies & Miscellaneous: Includes required texts and classroom supplies, telephone service, transportation, entertainment, laundry, clothing and other general personal items.

Course Materials Fee: This includes the cost for Study.Net materials for core courses.
Pre-Term: Mandatory Pre-Term fee ($2,000) applies only to the first year of the program.
Clinical Fee: This fee is mandatory for full-time, non-dissertation status students and for students enrolled the Penn Student Health Plan (PSIP).

Costs not included in the educational budget include:

Student Activities (clubs, conferences, parties)$860$650 - 1,150
Global Immersion Program*$5,500$5,000 - 6,000
Global Modular Courses*$2,100$1,200 - 3,500
Semester in San Francisco**$8,225$5,000 - 11,450
* Optional. Includes cost of program and round-trip airfare to and from NYC, NY.
** Optional, includes $5000 Program Fee and round-trip airfare, living expenses.

Other expenses to consider are: moving or travel expenses, prior debt, furniture, car expenses, security deposits, cell phones, entertainment, club or student activity fees, computer purchase, animal care, gifts, clothing, or expenses related to your job search.

Your own costs may vary depending on lifestyle, tastes, and other individual considerations. We strongly recommend that you construct a personal budget for planning purposes using the student educational budget as a point of reference. If you are married 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 semester has started.

Tuition Billing, Rebates, and Surcharges

The MBA program is a full-tuition program. This means that: (a) you normally pay full tuition in each semester regardless of your course load, and (b) you must pay at least four semesters’ full tuition and fees before you can graduate. For four semesters’ tuition and fees, you are allowed a maximum of 21 CU before graduating from the MBA program. If with the permission of your academic advisor you carry a course load beyond 21 CU, you will be billed a tuition surcharge. The tuition surcharge will be $8,775 per CU for the 2017-2018 academic year. Course loads of less than 21 CU do not entitle you to a tuition rebate. All 21 credit units must be taken before graduation. Once you have graduated, you cannot return to use these credit units. You are responsible for counting the number of credits taken. You may consult with an academic advisor for assistance.

Summer Courses
Tuition for the University’s summer courses is billed separately for each course; please speak to your academic advisor for additional information on tuition rates, fees and scheduling. If you take summer courses and are in a position to graduate from the MBA program after the fall semester of your second year, you may be liable for a surcharge according to the following criterion. If the total tuition you have paid in the summer plus the fall of your second year is less than full tuition for the second year, then the surcharge is the difference as per rule (b) above. Conversely, if by taking summer courses you need to carry only a partial load in your second year, then the tuition in your last semester is appropriately reduced so that (as long as your total credit load in the MBA program does not exceed 21 CU), your total tuition equals the normal four semesters’ tuition. Please see the following paragraphs for surcharge and rebate policies for dual-degree programs.

Dual-Degree Students
(except Lauder, the Law School, JD/MBA, and the School of Design)
Students in approved dual degree programs are required to be in residence at Wharton for three semesters, minus the above noted exceptions. Wharton is the primary school of residence during these three semesters and the alternate program is the secondary school of residence. Tuition is paid to the primary school of residence.

During the three semesters of primary residence with Wharton, students are limited to 16.5 credit units, regardless of whether those credits are from courses at Wharton or another School at Penn. Tuition paid for courses completed during the summer sessions will be deducted from the tuition in the last semester of residence at Wharton if the cumulative credits during the three semesters of primary residence do not exceed the 16.5 credit unit maximum. Credit units earned beyond the 16.5 limit will be charged at the rate of $8,775 per credit for the academic year 2017-2018.

MBA/MA Lauder Students
For the Wharton component of their tuition, Lauder MBA/MA students are governed by tuition policies that apply to regular MBA students Because four credit units from the Lauder students’ MA degree are counted toward the MBA, Lauder students may only take 17 Wharton credit units (therefore meeting the 21 credit limit) above which tuition surcharges apply at the per credit unit rate.

Penn Law/School of Design
For the Wharton component of their tuition, JD/MBA students and all MBA/School of Design dual degree students (MBA/March, MBA/MLA, MBA/MCP, MBA/MLA and MBA/MHP) will spend two semesters at Wharton and will pay tuition at the Wharton rate For the remainder of their dual degree program, they will reside at the Law School or the Design School, paying tuition to the Law or Design Schools MBA/JD and MBA/Design students are limited to a total of 11 credit units during their two semesters in residence at Wharton. Any course work done after the second semester is billed at the rate appropriate to the Law or Design School. If one chooses to enroll in courses during the summer following the two semesters at Wharton, these courses cannot be counted toward the Law or Design portion of their dual degree program. They will instead count toward the MBA portion, and if they exceed the 11 credit maximum for the first year, they will be surcharged accordingly.

Paying Your Bill

The Office of Student Financial Services (SRFS) will send out the first fall semester bill in early July. The bill is sent to the permanent address that you gave the Registrar on your Student Data Form, and it is also available at <>. All subsequent bills are electronic and sent directly to your Wharton email account.

The fall semester bill is due at the end of July. It is your responsibility to contact SFS at 215.898.1988 or go to their website if a bill is not received. If your bill is correct, pay online using Penn.Pay, or mail your check or money order in the envelope provided by the date indicated on the bill. Credit card payments are permitted only when paying your bill online with accepted vendors. Late payments will result in interest charges. Payment may also be made in person at the Cashier’s Office, a division of the Office of Student Financial Services located at 100 Franklin Building. Finally, students may make tuition payments by way of wire transfer, a method which may be especially convenient to students from outside the U.S. Details are available on the Penn.Pay website, or through the SFS Information Center at 215.898.1988.

Remember to keep the top portion of your tuition bill as a receipt after it has been sent back to you. This is known as your matric card. If credit for an expected scholarship or loan has not been applied to your bill, contact the Wharton Financial Aid Office at 215.898.8728.

If the tuition charge on your bill is incorrect, contact the MBA Program Office, 300 Jon M. Huntsman Hall, 215.898.7604. If you have questions about dining services, residence charges, or health insurance, call the appropriate office. The telephone numbers are listed on the back of your student bill.


Wharton offers merit-based fellowships to qualified students. All admitted students are considered for these funds and notification of fellowship support is included in the admission and financial aid letter. The Wharton Fellowship Committee does not offer reconsideration of fellowship support.

Financing Your Education

Financing your education can be done through several sources. These sources consist of family assets, sponsorships, scholarships and/or federal and institutional loans. The majority of graduate students finance their education through loan programs.  U.S. citizens and permanent residents are eligible to apply for federal loans, such as the Direct Loan, formerly Stafford Loan. If you need to borrow more than the federal student loans, you can borrow through one of the alternative loan provider of your choosing. International students are generally advised to apply for alternative loans with a creditworthy U.S. citizen/permanent. It is important that you follow the instructions provided by the Wharton Financial Aid Office if you plan to finance your education through loans.

If you have questions on financing your education, you can contact the Wharton Financial Aid Office, 111 Vance Hall; tel: 215.898.8728 fax: 215.898.0120; or by e-mail:

University Employment

Federal regulations require that all of a student’s academic year earnings be considered a resource in determining financial need. Consequently, students receiving financial aid who obtain work need to inform the University’s Office of Student Financial Services. Any job earnings may result in a reduction of the financial aid award.

Teaching and Research Assistantships
MBA students are occasionally able to obtain a teaching or research assistantship through one of Wharton’s academic departments, research centers, or administrative offices. Time commitment and remuneration vary with the position. Qualified students should contact the department(s) of their choice directly. For a list of department addresses and telephone numbers, refer to the telephone directory at the end of this book. Finally, you are not limited to the Wharton School in your search for an assistantship. Your skills and expertise may be attractive to other schools within the University.

Residential Advisors
Each year, the University hires graduate students and upperclassmen to serve as residential advisors. Duties include counseling undergraduates on personal, social, and academic matters, and helping to plan dorm activities. Remuneration includes a furnished room and, in some cases, a cash stipend. Completed applications must be filed in January for the following academic year. Late applications are assigned a waiting list status and are considered as positions become available. Applications and further information can be obtained from the Office of Housing & Conference Services, 3901 Locust Walk, 215.573.3676 or from the website: <>.

Employment for Spouses
Spouses interested in obtaining employment at the University should file an application with The Penn Job Center (Unique Advantage), 3550 Market Street, Suite 110 (Science Center), Philadelphia, 19104, phone 215.222.2246, website: <>. Spouses who are not U.S. citizens must make sure to meet necessary visa requirements. For details, please consult the International Scholar and Student Services, 3701 Chestnut Street, Suite 1W, phone 215.898.4661, website: <>.

Other Part-Time Employment
The Office of Student Employment at the University maintains a comprehensive listing of nontechnical employment opportunities, both on campus and in Philadelphia. Students who wish to obtain part-time employment should visit this office, located in the Franklin Building. The Philadelphia area offers numerous opportunities for Wharton students to earn money during the year. In the past, students have found employment in local firms. Since few Wharton Graduate classes are held on Friday, job opportunities are sometimes feasible for students who wish to work then. Students who are not U.S. citizens should check visa requirements with the International Scholar and Student Services, 3701 Chestnut Street, Suite 1W, phone 215.898.4661 or check the website at <>.

Student Credit Union

The University of Pennsylvania Student Federal Credit Union opened its doors in April 1987. It has since gone on to become the nation’s largest student-run credit union, with over $7.1 illion in assets and approximately 6,200 members.

Membership in UPSFCU is open to all Penn students and alumni, and offers services that focus on student’s special needs. These include share (savings) and share draft (checking) accounts, MAC ATM cards, credit cards, CDs, and travelers checks. In addition, UPSFCU offers a variety of loans specifically designed for students. These include credit history loans, graduate assistance loans, computer loans, travel, and transition loans. UPSFCU is located 3401 Walnut Street, Suite 431A. Hours are Monday through Friday from 11:00 a.m. to 5:00 p.m. UPSFCU also offers bank by phone services. For more information call 215.898.9697 or check the website at <>.

Financial Aid Contact Information

The Wharton MBA Financial Aid Team provides counseling on the financial aid process, loan options, funding sources, and other general financial aid questions. If you would like to make an appointment with a Wharton Financial Aid Advisor, please visit the Financial Aid Appointment Scheduler today to schedule an appointment.

Wharton MBA Financial Aid Office
111 Vance Hall
University of Pennsylvania
Philadelphia, PA 19104-6361

Financial Aid: (215) 898-8728
Fax: (215) 898-0120

Student Financial Services (SFS)
(Financial aid information, student bill questions, status of student loan applications/disbursements, counseling in financial assistance programs)
100 Franklin Building
University of Pennsylvania
Philadelphia, PA 19104-6270
Phone: (215) 898-1988

Penn.Pay is Penn’s electronic billing service through which you receive student account bills online. Penn.Pay also allows you to review daily activity and pay your bill online, securely and efficiently. In order for parents or other third parties to access Penn.Pay, you (the student) must invite them to be ‘other payers’.
You will receive a mail notification each month when a new billing statement is available on Penn.Pay

U.S. Department of Education (Federal Student Aid)
General information: (800) 433-3243