Student Loans

If you are a previous loan borrower or a first-time borrower, please carefully review the Wharton MBA Student Budgets.  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.

  • 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.

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

If student loans are required to cover the fall and spring term billing statements, then please be sure to submit all loan applications and any additional documentation as listed on the lender’s website.

Potential 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 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 2022-2023 FAFSA application is required to be eligible for 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. The 2022-2023 FAFSA application is required to be eligible for this loan.

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 2022-2023 FAFSA application if planning to borrow a Federal 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) along with any additional documentation as listed by the lender.
  • 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

Potential loan offerings for international students

Quorum Federal Credit Union

Quorum Federal Credit Union provides loans to continuing loan borrowers: https://quorumfcu.studentchoice.org/wharton/

Discover® Custom Graduate Loan

To be eligible for the Custom Graduate Loan, you must be residing in the United States during your program studies. These loans are made by Discover Bank®, not by The Wharton School of Business. This loan can cover up to 100% of school-certified costs, less any other financial aid. Aggregate loan limits apply. A cosigner is not needed for this loan.

Apply Here

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/.

MPower

MPOWER Financing does not require borrowers to have a cosigner, a credit history, or collateral. Loans are approved primarily based on your academic success and career path.  Learn more here.

Student Loan Next Steps

  • Finalize all loan applications and any additional documentation as listed on lender’s website.
  • 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.

Additional External Resources

  • Elmselect provides an unbiased comparison of loan products. Students can compare interest rates, repayment terms and more here. Select “Wharton MBA, University of Pennsylvania” then compare loan providers.
  • NerdWallet provides expert advice on everyday financial decisions.
  • Federal Trade Commission (Consumer Information) lays out helpful information on loan financing, consolidation and repayment.