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 2021-2022  Student Budget

WG 22 (Second Year)WG 23 (First Year)
General Fee$3,552$3,552
Course Materials Fee$1,030$1,030
Clinical Fee$648$648
Total Tuition & Fees$79,730$83,230
Health Insurance$3,874$3,874
Books and Supplies$1,630$1,630
Personal Expenses$4,120$4,120
Total Expenses$32,234$32,234
Total MBA Cost$111,964$115,464

Wharton MBA/Lauder MA Student Budget

WG 22 (Second Year)WG 23 (First Year)
Lauder Summer Tuition-$5,000
Lauder Academic Year Fee$16,200$16,200
Total Tuition & Fees$16,200$21,200
Summer Lauder Living Expenses-$3,578
Total Expenses$16,200$24,778
Total MBA/Lauder Expenses$128,164$140,242

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: A General Fee is assessed to all undergraduate, graduate, and professional students, and directly funds Penn’s non-instructional student support services. The General Fee for full-time students provides them with full access to a wide variety of services and resources, including counseling and wellness, multicultural resource centers, student activities, recreation and fitness, career services, learning support, and much more.
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 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 $9,598 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