U.S. Citizens and Permanent Resident Students Financial Aid Process

Billing Schedule for the 2016-2017 Academic year
Bill Delivery and Mechanism Bill Delivered/Mailed Due Date
Fall Term July/August e-bill July 1, 2016 July 29, 2016
Spring Term E-bill December 2, 2016 January 7, 2017
Monthly After September 1, 2016 e-bill only

Late Payments
A late payment penalty of 1.5% of any past-due balance will be assessed monthly. A past-due balance may also result in your student account being placed on financial hold. If left unresolved, financial hold can restrict future registration, receipt of your diploma and academic transcripts.

FINANCIAL AID INSTRUCTIONS FOR THE 2016-2017 ACADEMIC YEAR

STEP 1. Review the student budget before submitting a loan application. Students may borrow up to the cost-of-attendance budget less any financial aid, e.g., fellowships or scholarships. If you are married and/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 2016 semester has started. Please contact the Wharton MBA Financial Aid Office at 215-898-8728 or by email at financialaid@wharton.upenn.edu for additional information.

STEP 2. Evaluate your financial aid status and determine which loan options (if needed) are best suited for the upcoming academic year. You may borrow a private alternative loan rather than a Federal Direct and Grad PLUS loans if you wish. A Free Application For Student Aid (FAFSA) form is not required if you do not plan on applying for a Federal Loan.

STEP 3. Submit a loan application(s) through the following loan programs:

Do not submit a loan application before May 1, 2016

Suggested Deadline: In order for the loan disbursements to credit your account by the billing due date, please submit all loan applications by June 30, 2016.

Federal Direct Loan Program

  • The Federal Direct Unsubsidized Loan offers a fixed interest rate, favorable repayment benefit and requires you to complete a FAFSA application. Visit Student Financial Services student loan website for the Federal Direct Loan application instructions and interest rate.
  • Loan Limits: $20,500 (Healthcare majors are eligible to receive $33,000) per year
  • Loan Period: September 1, 2016 to May 15, 2017 (Fall 2016 to Spring 2017)
  • New Direct Loan Borrowers: You must complete a 2016-2017 FAFSA application and the Student Financial Services Loan Office will automatically create the $20,500 Federal Direct Loan and notify you with instructions for completing a Master Promissory Note and an Entrance Interview after May 20, 2016.
  • Existing Direct Loan Borrowers: You must complete a 2016-2017 FAFSA application and no additional actions are required for the Direct Loan if you received a Direct Loan disbursement in your first year at Wharton.

Federal Perkins Loan Program

  • The Perkins Loan is awarded if you demonstrate exceptional financial need and are a U.S. citizen or permanent resident. The annual interest rate is 5% and the loan is interest-free until nine months after graduation or withdrawal from the University. This loan will only be offered to eligible graduate students who received a Perkins Loan before October 1, 2015.
  • Loan Limits: $6,500 per year.
  • Existing Perkins Loan Borrowers: To be eligible for the Perkins Loan in the second year of the program, you must complete the 2016-2017 FAFSA and you will receive notification from Student Financial Services in June 2016.

Federal Direct Grad Plus Loan Program
The Federal Direct Graduate PLUS Loan offers a fixed interest rate, favorable repayment benefit and requires you to complete a FAFSA application. Visit Student Financial Services student loan website for the Federal Grad PLUS application instructions and interest rate.

  • Loan Limits: Up to the cost-of-attendance budget minus any other financial aid
  • Loan Period: September 1, 2016 to May 15, 2017 (Fall 2016 to Spring 2017)
  • Applications for the Direct Graduate PLUS loan must be completed each year.

Alternative Private Loan Program

  • Alternative Private Loans are not subsidized and interest rates and terms of repayment are based on your credit score. Visit Student Financial Services student loan website for the Alternative Private Loan Lenders List and application instructions or review the lenders list below.
  • Loan Limits: Up to the cost-of-attendance budget minus any other financial aid
  • Loan Period: September 1, 2016 to May 15, 2017 (Fall 2016 to Spring 2017)
  • Applications for a private loan must be completed each year.
Product
http://www.sfs.upenn.edu/sfs-images/spacer.gif
Lender Website
Citizens Bank TruFit Student Loan™ Citizens Bank http://www.citizensbank.com/trufitstudentloan
CommonBond Private Loan CommonBond https://commonbond.co/mba-student-loan
Custom Choice Loan Suntrust
Bank
http://www.suntrusteducation.com
Discover Certified Private Loan Discover http://www.discoverstudentloans.com/home.aspx
PNC Solution Loan PNC Bank http://www.pnconcampus.com/studentloanguide/
privateloans/default.html
Smart Option Loan Salliemae http://www.salliemae.com/upenn
Wells Fargo Private Loan Wells Fargo http://www.wellsfargo.com/collegeready

Additional Loan Information: https://mba-inside.wharton.upenn.edu/international-students-financial-aid-process/