Budget and Tuition

Financing Your MBA

Information regarding Tuition, Fees, Fellowships, and more. The information below is current and pertains to tuition and fees for currently enrolled students.

Wharton MBA 2020-2021 Student Budgets

1st Year2nd Year
General Fee$3,452$3,452
Course Materials Fee$1000$1000
Clinical Fee$630$630
Total Tuition & Fees$80,432$79,582
Health Insurance$3,733$3,733
Room and Board$13,950$13,950
Books and Supplies$1,580$1,580
Personal Expenses$4,000$4,000
Total Expenses$31,263$31,263
Total MBA Cost$111,695$110,845

Wharton MBA/Lauder MA Student Budgets

1st Year2nd Year
Lauder Summer Tuition-
Lauder Academic Year Fee$16,200$16,200
Total Tuition & Fees$16,200$16,200
Summer Lauder Program Expenses$7,000-
Total Expenses$23,200$16,200
Total MBA/Lauder Expenses$134,895$127,045

The Cost of Attendance for the MBA program assumes a 9 month budget for First and Second-Year students.

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 required online course materials.
Pre-Term: Mandatory Pre-Term fee ($850) 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).

The student budget can be increased to cover the following expenses:

  • Global Immersion Programs (GIP)
  • Global Modular Courses (GMC)
  • Fall Semester in San Francisco
  • Personal Medical Expenses above Insurance
  • Child care expenses
  • Computer purchase up to $2,000 (one time only)


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 $9,568 per CU for the current 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.

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.


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
E-mail: financialaid@wharton.upenn.edu

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
E-mail: sfsmail@sfs.upenn.edu
website: www.upenn.edu/sfs