New Loan Program for Wharton MBA Students

Under a new arrangement with Pittsburgh-based PNC Bank, a new Wharton Loan Program now guarantees loan approval for all domestic and international students--allowing all admitted MBA students to borrow up to the cost of attendance, less any other financial aid they receive. (Current tuition and fees are $26,290 annually.) Eligible students must borrow the maximum Stafford Loan before applying for the Wharton Loan.

Robert Alig, director of MBA Admissions and Financial Aid, called the program a dramatic step forward in creating a truly international MBA program. "For the first time in the School's history, every student of every nationality will have equal access in the financing of a Wharton MBA." Some features of the new program:

  • Prime interest rate (7.75% on 4/5/99).
  • No credit review is required.
  • Principal is not due while a student is in school or during the six-month grace period following completion of degree.
  • Interest accrues while the student is attending school, but can be postponed during the in-school and grace periods.
  • Length of repayment is up to 20 years based on the aggregate borrowed.
  • Annual loan limit is cost of attendance minus financial aid as determined by Wharton's Financial Aid Office.
  • No co-signer is required.
  • Funds are disbursed in U.S. dollars, in up to four disbursements per loan (one per semester).
  • Students continuing in advanced graduate studies are eligible for deferment of up to six years.

Almanac, Vol. 45, No. 30, April 27, 1999