Transcript WHARTON WELCOME WEEKEND Financing an MBA at Wharton

WHARTON WELCOME
WEEKEND
Financing an MBA at Wharton
International Students
Tammy Carter
Associate Director, Office of Financial Aid
April 19, 2008
Topics for Discussion
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2008-09 Student Budget
Fellowships
Applying for Permanent Resident Status
Private/Alternative Loan Programs
Other Financing Options
Miscellaneous
Financial Aid Contact Information
2008-2009 Student Budget
Expenses (Year 1)
Tuition/Fees
Matriculation Deposit
Tuition
General Fee
MBA Program Fee
Clinical Fee
Health Insurance
Pre-Term Fee
Total Tuition & Fee Expenses:
Books & Supplies
Books, Bulk Packs, Supplies
Total Books & Supplies Expenses
Room & Board
Rent, Gas, Electric, Food,
Telephone, Laundry
Total Living Expenses:
Miscellaneous
Entertainment, Transportation,
Internet, Personal Items
Total Miscellaneous Expenses:
Total Expenses: MBA
Lauder Expenses
Lauder Students
Summer Lauder Tuition
Summer Lauder Travel Expenses
Lauder Academic Fee
Total Lauder Expenses
Total MBA Expenses
Total Lauder/MBA Expenses
May 08
Fall Semester
Aug 08-Dec 08
Spring Semester
Jan 09-May 09
Student
Budget
$1,000
$22,240
$1,000
$987
$163
$1,300
$1,650
$22,240
$1,000
$987
$163
$1,300
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$868
$868
$10,699
$10,699
$1,918
$1,918
$40,825
$39,175
$44,480
$2,000
$1,974
$326 estimated
$2,600 estimated
$1,650
$53,030
$1,736
$21,398
$5,135
$10,230
$5,135
$15,365
$3,950
$9,085
$15,365
$49,910
$3,836
$80,000
$10,270
$10,230
$3,950
$7,900
$3,950 $28,400
$80,000
$43,125 $108,400
Fellowships
• Approximately 32% of the entering Class
will receive a Wharton fellowship
• Applicants must submit an essay and the
Need Access application to be considered
for a fellowship
• Deadline: May 16
Applying for Permanent Resident
Status
• Wharton does not recommend international
students to apply for permanent resident status
during their two years at Wharton
• Application approval without receipt of green
card may prevent students from borrowing as an
international or as a permanent resident
• New green card holders without established
credit may be refused loans due to lack of credit
history
Private/Alternative Loan
Programs
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Additional lenders information and list
are available in your Welcome Booklet
and on Student Financial Services (SFS)
website, www.sfs.upenn.edu
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You are not required to use any lenders listed
nor will you be penalized for selecting another
lender
Award Notification Letter will indicate the
amount you are eligible to borrow
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Private/Alternative Loan
Programs
• Citibank International Loan Program:
www.studentloan.com/schools/upenn
• Access Group: www.accessgroup.org - with cosigner
• MBA Loans: www.salliemae.com/mbaloans with co-signer
• Bank of America: www.bankofamerica.com with co-signer
Other Financing Options
• Personal savings
• Help from family members
• Outside sponsorships (Company Sponsorships,
Corporate Sponsorships)
• Loan from country of citizenship
Overview
• Complete and submit Need Access
application and essay
• Award Notification Letter
• Begin process of selecting a lender for
Alternative
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: 215-898-8728
• Fax: 215-898-0120
• E-mail: [email protected]