Student Loans

If you are a previous loan borrower or a first-time borrower, please carefully review the Wharton MBA Student Budgets and student loan instructions for the 2018-19 academic year.  You may apply for a student loan at any time in the first or second year at Wharton provided that the total loan amount is under the cost-of-attendance budget.  If student loans are required to pay for the fall and spring tuition, fees, and living expenses, then please complete all loan requests by June 30, 2018.

  • Scholarships, fellowships, sponsorships, and departmental grants: If you were awarded any of these funds, credits will be applied to your student account for the fall and spring terms in accordance with the instructions provided by your department.
  • Direct Loans, Direct Grad PLUS Loans, and Private Alternative Loans: Most loans are disbursed to your student account via electronic funds transfer (EFT) for the fall and spring terms and applied prior to the start of the term.

If you plan to participate in a Global Trek, please be aware that your student budget may only be increased for education-related trips, such as the courses listed below. The Wharton MBA Financial Aid Office will send financial aid instructions to finance the additional costs of these programs after you are registered for the program.

  • Global Immersion Program (Fall and Spring)
  • Global Modular Courses (Fall and Spring)
  • Semester in San Francisco
  • INSEAD Exchange Program

 Student Loans Credit Review Tip

Most private loan programs, along with the Direct Graduate PLUS Loan program, require some form of credit evaluation of you, and your co-signer if applicable.

Where to get a free copy of your credit report

U.S. Citizens/Permanent Resident Student

All student loan applications will take 4 to 6 weeks to process. If student loans are required to cover the fall and spring term billing statements, then please be sure to submit all loan applications by the recommended deadline.

Current loan offerings for U.S citizens and U.S. permanent residents

FEDERAL DIRECT LOAN PROGRAM

The Federal Direct Loan maximum eligibility amount for a graduate school student is $20,500 ($33,000 Healthcare majors) each academic year. This loan is unsubsidized, meaning the interest accrues during the in-school period and offers a fixed interest rate, and favorable repayment benefits. The 2018-2019 FAFSA application is required to be eligible for this loan. Visit Student Registration & Financial Services (SRFS) student loan website for additional information.

 

  • Eligible Loan Amount: $20,500 ($33,000 Healthcare majors) per year
  • Interest Rate: 6.00%
  • Origination Fee: 1.066%
  • Loan Period: September 2018 to May 2019 (Fall 2018 to Spring 2019)
  • New Direct Loan Borrowers: The University Loan Office will notify you at the end of May with further instructions on completing the Direct Loan Master Promissory Note and Online Student Loan Entrance Counseling.
  • Existing Direct Loan Borrowers: The University Loan office will automatically create the Direct Loan after the FAFSA application is processed in May and no additional actions are required to receive this loan.

FEDERAL DIRECT GRADUATE PLUS LOAN PROGRAM

If you need funding beyond the Direct Loan, you may wish to consider a Direct Grad PLUS Loan. This loan is unsubsidized, meaning the interest accrues during the in-school period and offers a fixed interest rate, and favorable repayment benefits. The 2018-2019 FAFSA application is required to be eligible for this loan. Visit Student Registration & Financial Services (SRFS) student loan website for additional information.

  • Eligible Loan Amount: Up to the MBA student budget minus the Federal Direct Loan and any other financial aid.
  • Interest Rate: 7%
  • Origination Fee: 4.264%
  • Loan Period: September 2018 to May 2019 (Fall 2018 to Spring 2019)
  • New Grad PLUS Loan Borrowers: Applications for the Grad PLUS loan will be available on May 1, 2018 and must be completed each year. The loan request will be received in 3 to 5 business days and the University Loan Office will send instructions to complete a Master Promissory Note and online Entrance Counseling session.
  • Existing Grad PLUS Loan Borrowers: Application for the Grad PLUS loan will be available on May 1, 2018 and must be completed each year.  The loan request will be received in 3 to 5 business days and no additional actions are required to receive the loan.
  • If you are planning to request a student loan above $100,000, please know that your request must be divided into two loan requests. The University Loan Office cannot process a 6-digit loan request at this time.

PRIVATE ALTERNATIVE LOAN PROGRAMS

The University of Pennsylvania requires that you submit a 2018-2019 FAFSA application if planning to borrow a Private Alternative Loan at any time during your first year at Wharton.  The University Loan Office will automatically create the $20,500 ($33,000 Healthcare majors) Federal Direct Loan at the end of May and send you instructions to accept or decline this loan.

  • Eligible Loan Amount: Up to the MBA student budget minus the Federal Direct Loan (if borrowing) and any other financial aid.
  • Interest Rate: 3.62% to 12%
  • Origination Fee: 0% to 4%
  • Loan Period: September 2018 to May 2019 (Fall 2018 to Spring 2019)
  • Applications for a private student loan must be completed each year of the program.
  • If you are planning to request a student loan above $100,000, please know that your request must be divided into two loan requests. The University Loan Office cannot process a 6-digit loan request at this time.

PRIVATE ALTERNATIVE LENDERS

Listed below, in alphabetical order, are private alternative lenders who have made five or more private educational loans to Penn students over the past three years.  These lenders have electronic processes and links to Penn that expedite loan originations and disbursements. Student Loan Hero and Lendedu are great starting points when researching private alternative lenders.

Student Loan Next Steps

  • The University of Pennsylvania requires that you submit a 2018-2019 FAFSA application if planning to borrow a Private Alternative Loan at any time during your second year at Wharton.
  • Finalize all loan applications (Federal Direct Loan, Federal Grad PLUS loan, and Private Alternative Loans) by June 30, 2018 to insure the timely processing of your student loans.
  • It generally takes 4-6 weeks for loans to be certified by Penn after receipt of your loan application from the lending agency.
  • If you are planning to request a student loan above $100,000, please know that your request must be divided into two loan requests.  The University Loan Office cannot process a 6-digit loan request at this time.
  • Student loan funds are automatically divided into two equal installments and will be disbursed to your student account approximately 5 days before the start of the fall term.
  • Direct Deposit for Student Refund: If you are receiving student loans above tuition and fees for the fall and spring terms, please be sure to register for Direct Deposit to receive your student refund electronically deposited into your bank account.
  • Please remember that a student loan application can be submitted at any time in the second academic year at Wharton provided that the total loan amount is under the cost-of-attendance budget.

International Students

Suggested Deadline: In order for a temporary credit for half of the loan amount(s) to be posted to your Fall 2018 bill, please submit all loan applications after May 1, 2018 and before June 30, 2018. 

Current loan offerings for international students

Quorum Federal Credit Union

Quorum Federal Credit Union provides student loans to international Wharton MBA students that do not require a U.S. co-signer. Quorum Federal Credit Union offers an interest rate of Prime plus 4.50% (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 no origination fee.

  • Eligible Loan Amount: Up to 80% of the MBA student budget minus any other financial aid.
  • (Current) Interest Rate: Prime rate + 4.50%
  • Origination Fee: 1%
  • Loan Period: September 2018 to May 2019 (Fall 2018 to Spring 2019)
  • Existing 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 in May.  Please visit www.wharton.studentchoice.org after receiving the Draw Request instructions.
  • New Quorum Loan Borrowers: You may submit a new Quorum loan application for the second year of the program at www.wharton.studentchoice.org after May 1, 2018. Quorum Federal Credit Union will follow up with you with further instructions.

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 90% of the student budget for both years of the program with no cosigner or collateral required. For additional information on applying for a Prodigy Finance loan, please visit https://prodigyfinance.com/.

  • Eligible Loan Amount: Up to the MBA student budget minus any other financial aid.
  • (Current) Interest Rate: U.S. 3-month Libor rate + 5.75%
  • Origination Fee: No administration or draw fee
  • Loan Period: September 2018 to May 2019 (Fall 2018 to Spring 2019)
  • New and Existing Loan Borrowers: Please visit Prodigy Finance website at https://prodigyfinance.com/.

Discover Student Loans

Discover has designed a private student loan for Wharton School of Business students who do not qualify for standard student loans. With the Discover Custom Graduate Loan, there are no fees, no cosigner and you can borrow up to 100% of your school-certified cost of attendance (including tuition, housing, books and more) minus other financial aid. Students who get at least a 3.0 GPA (or equivalent) are eligible for a one-time cash reward of 1% of the loan amount of each new Discover student loan. For additional information and to apply for a Discover Custom Graduate Loan, please visit Discover Student Loans.

  • (Current) Interest Rate: 3-Month LIBOR + 6.24%
  • Origination Fee: Zero Fees
  • Loan Limits: Up to 100% of the cost-of-attendance budget minus any other financial aid.
  • Loan Period: September 1, 2018 to May 15, 2019 (Fall 2018 to Spring 2019)

Student Loan Next Steps

  • Finalize all loan applications by June 30, 2018 to insure the timely processing of your student loans.
  • It generally takes 4-6 weeks for loans to be certified by Penn after receipt of your loan application from the lending agency.
  • If you are planning to request a student loan above $100,000, please know that your request must be divided into two loan requests.  The University Loan Office cannot process a 6-digit loan request at this time.
  • Student loan funds are automatically divided into two equal installments and will be disbursed to your student account approximately 5 days before the start of the fall term.
  • Direct Deposit for Student Refund: If you are receiving student loans above tuition and fees for the fall and spring terms, please be sure to register for Direct Deposit to receive your student refund electronically deposited into your bank account.
  • Please remember that a student loan application can be submitted at any time in the second academic year at Wharton provided that the total loan amount is under the cost-of-attendance budget.