WHARTON WELCOME WEEKEND Financing an MBA at Wharton Sharon Brooks Senior Associate Director, Office of Financial Aid April 19, 2008
Student Budget Fellowships Federal Loan Programs Private/Alternative Loan Programs Other Financing Options Overview Miscellaneous Financial Aid Contact Information Topics for Discussion
Estimated Student Budget
Fellowships Approximately 32% of the entering Class will receive a Wharton fellowship Submission of essay, resume, and the Need Access application are required Deadline: May 16
Federal Loan Programs Federal Stafford Loan: Maximum $20,500 Maximum $33,000 (Healthcare only) Federal Perkins Loan: (if eligible) Graduate Federal PLUS Loan:
Private/Alternative Loan Programs Lenders will perform a credit review Poor credit rating may require a co-signer Lenders information and list are available in your Welcome Booklet and on Student Financial Services (SFS) website, You are not required to use any lenders listed nor will you be penalized or disadvantaged for selecting another lender Award Notification Letter will indicate the amount you are eligible to borrow
Other Financing Options Personal Savings Help from Family Members Outside Sponsorships: (Corporate Fellowships, Company Sponsorships) Club, religious, community organization affiliations
Overview Complete and submit Need Access application, essay and resume Award Notification Letter File Free Application For Federal Student Aid (FAFSA) Send copy of 2007 Income Tax and W-2 to Wharton Financial Aid Office Begin process of selecting a lender for federal and private loan Be careful about opening too many new credit card accounts Credit Reporting Agencies: Experian – Trans Union – Equifax –
Miscellaneous Wharton expects each student to contribute a minimum of 10% per year toward his/her educational expenses (approximately $8,000) Loans can be used to offset educational costs up to the set Student Budget Manage monthly budget carefully
Financial Aid Contact Information Financial Aid Staff: Tammy Carter, Associate Director Teresa Del Pizzo, Administrative Assistant Lakeisha Knight, Loan Coordinator Telephone: Fax: