WHARTON WELCOME WEEKEND Financing an MBA at Wharton

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WHARTON WELCOME WEEKENDFinancing an MBA at
Wharton

• Sharon Brooks
• Senior Associate Director, Office of Financial
  Aid
• April 19, 2008

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Topics for Discussion

• 2008-09 Student Budget
• Fellowships
• Federal Loan Programs
• Private/Alternative Loan Programs
• Other Financing Options
• Overview
• Miscellaneous
• Financial Aid Contact Information

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2008-2009 Estimated Student Budget
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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

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Federal Loan Programs

• Federal Stafford Loan
• Maximum 20,500
• Maximum 33,000 (Healthcare only)
• Federal Perkins Loan (if eligible)
• Graduate Federal PLUS Loan

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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, www.sfs.upenn.edu
• 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

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Other Financing Options

• Personal Savings
• Help from Family Members
• Outside Sponsorships (Corporate Fellowships,
  Company Sponsorships)
• Club, religious, community organization
  affiliations

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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 www.experian.com
• Trans Union www.tuc.com
• Equifax www.equifax.com

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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

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Financial Aid Contact Information

• Financial Aid Staff
• Tammy Carter, Associate Director
• Teresa Del Pizzo, Administrative Assistant
• Lakeisha Knight, Loan Coordinator
• Telephone [phone]
• Fax [phone]
• E-mail mba.finaid_at_wharton.upenn.edu