Wharton Connect

International 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


December 2, 2015

January 7, 2016


After September 1, 2015 e-bill only

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 80% of the cost-of-attendance budget less any financial aid, e.g., fellowships or scholarships if borrowing a loan with Quorum Federal Credit Union. 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. If you are an international student who is neither a dual U.S. citizen nor a U.S. permanent resident, we encourage you to investigate all sources of funding within your home country, including government and private scholarships and loans. 

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. 

Quorum Federal Credit Union

Wharton has partnered with Quorum Federal Credit Union to provide a non-cosigned loan product that does not require a U.S. co-signer. Quorum Federal Credit Union offers an interest rate of Prime plus 4.75% (with the opportunity to reduce the interest rate by up to .75bp if a U.S. co-signer is acquired and graduates arrange for automatic repayments) and no origination fee.

  • Loan Limits: Up to 80% of the cost-of-attendance budget minus any other financial aid.
  • Loan Period: September 1, 2015 to May 15, 2016 (Fall 2015 to Spring 2016)
  • Returning Quorum Loan Borrowers: No action is required at this time. Quorum Federal Credit Union/Student Choice will send online Draw Request instructions and additional information on the loan process on or shortly after May 20th, 2015. Quorum Federal Credit Union website is www.wharton.studentchoice.org.
  • New Quorum Loan Borrowers: Please visit www.wharton.studentchoice.org on or after May 1st, 2015 to complete a new loan application for the 2015-2016 academic year. The Wharton MBA Financial Aid Office will contact you when the loan documents are received from the lender. Please schedule an appointment to complete the loan documents before leaving campus for the summer internship.

Please Note (OFAC Sanctions): If you have citizenship in or currently reside in an OFAC sanctioned country, please call 1-800-874-5544 and select option 3 for the Lending Department to discuss further.

Alternative Private Loan Program

Alternative Private Loans are not subsidized and interest rates and terms of repayment are based on your credit score. In addition, an eligible U.S. citizen or permanent resident co-signer is required for an alternative private loan. 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.




Citizens Bank TruFit  Student Loan™

Citizens Bank


CommonBond Private Loan



Custom Choice Loan

Suntrust Bank


Discover Certified Private Loan



PNC Solution Loan

PNC Bank


Smart Option Loan



SoFi Private Loan



Wells Fargo Private Loan

Wells Fargo


Prodigy Finance

Prodigy Finance provides loans to talented international students at top business schools, funded by a community of alumni and other investors. Prodigy Finance will allow students to borrow the cost of tuition and living expenses up to 100% of the student budget for both years of the program. For additional information on applying for a Prodigy Finance loan, please visit https://prodigyfinance.com/.

  • Loan Limits: Up to 100% of the cost-of-attendance budget minus any other financial aid.
  • Loan Period: September 1, 2015 to May 15, 2016 (Fall 2015 to Spring 2016)

Prodigy Finance is not endorsed by The Wharton School and loan borrowers should consider all available financial aid resources when choosing a loan program.

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 second 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 (Alternative Private Loans or International Student Loan) by June 26, 2015 to insure the timely processing of your student loans.