Wharton Connect

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

BILLING SCHEDULE for the 2015-2016 Academic year

Bill Delivery and Mechanism

Bill Delivered/Mailed

Due Date

Fall Term

July/August e-bill

July 1, 2015

July 29, 2015

Spring Term

E-bill

December 2, 2015

January 7, 2016

Monthly

After September 1, 2015 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 2015-2016 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 2015 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 2015-2016 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, 2015

Suggested Deadline: In order for a temporary credit for half of the loan amount(s) to be posted to your Fall 2015 bill, please submit all loan applications by June 26, 2015. 

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, 2015 to May 15, 2016 (Fall 2015 to Spring 2016)
  • New Direct Loan Borrowers: You must complete a 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, 2015.
  • Existing Direct Loan Borrowers: You must complete a 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.
  • Loan Limits: $6,500 per year.
  • To be eligible for the Perkins Loan, you must complete the 2015-2016 FAFSA and you will receive notification from Student Financial Services in June 2015.
  • New Perkins Loan Borrowers: To be eligible for the Perkins Loan, you must complete the 2015-2016 FAFSA and you will receive notification from Student Financial Services in June 2015.
  • Existing Perkins Loan Borrowers: To be eligible for the Perkins Loan in the second year of the program, you must complete the 2015-2016 FAFSA and you will receive notification from Student Financial Services in June 2015.

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, 2015 to May 15, 2016 (Fall 2015 to Spring 2016)
  • 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, 2015 to May 15, 2016 (Fall 2015 to Spring 2016)
  • 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

SoFi Private Loan

SoFi

https://www.sofi.com/mba-loan/

Wells Fargo Private Loan

Wells Fargo

http://www.wellsfargo.com/collegeready

Additional Loan Information:

  • If you anticipate borrowing student loans in excess of mandatory tuition and fees, please register for Direct Deposit to insure the automatic processing of your Student Refund. For more detailed information, please visit the Student Financial Services (SFS) website at http://www.sfs.upenn.edu/TotalPay/.
  • A student loan application can be submitted at any time in the first academic year at Wharton provided that the total loan borrowing amount is under the cost-of-attendance budget.
  • It generally takes 4-6 weeks for loans to be certified by Penn after receipt of your loan application from the lending agency.
  • Funds will be disbursed to your student account approximately 5 days before the start of the Fall 2015 term.
  • Finalize all loan applications (Federal Direct Loan, Federal Grad PLUS Loan, and Alternative Private Loans) by June 26, 2015 to insure the timely processing of your student loans.