Resource Guilde Class 38_rev.indd - The Wharton School of the ...

22Financial AidFinancing ResourcesWharton is committed to providing financialaccess to all students regardless of their citizenship orability to pay.For those with extreme financial need, our MBAFinancial Aid Office will strive to ensure financial accessthrough a variety of financing options. Please keep inmind, however, that your student aid may not meet all ofyour educational costs.The Wharton School provides options in the form ofstudent loans. It is important to select a loan program thatbest fits your financial needs. Be sure to compare the fees andterms of all student loan products before selecting your lender.For information on how to apply for financial aid,please visit www.wharton.upenn.edu/mbaexecutive/welcomesan-francisco/financial-aid.cfm.International StudentsIf you are not a U.S. citizen or U.S. permanentresident, you are encouraged to investigate all sources offunding within your home country, including governmentand private scholarships and loans. U.S. lendinginstitutions generally require international students toapply with a U.S. citizen/permanent resident cosigner.Borrowing information for international students canalso be found atwww.wharton.upenn.edu/mbaexecutive/welcomesan-francisco/financial-aid.cfm.Outside Financing Options andInformationFor information on external funding sources, pleasevisit www.wharton.upenn.edu/mbaexecutive/welcomesanfrancisco/financial-aid.cfm.MANAGING YOUR EDUCATIONALBORROWINGMost students will borrow at least part of their studentbudgets through educational loans. If you intend toborrow, please consider the following three questions,which will help you make realistic decisions:• What percentage of my future income am I willing todevote to repaying educational loans?Since most educational loans are based on your credithistory and score, please mind the following tips on debtmanagement:Explore different educational loan programs• U.S. citizens/permanent residents are eligible for up to$20,500 in Federal Direct Student Loans.• U.S. citizens/permanent residents are also eligible toborrow through the Federal Direct Grad PLUS or aprivate, alternative loan program, depending on credit.• International students are eligible to borrow througha non-cosigned international loan or through otheralternative loan programs provided they have acreditworthy U.S. cosigner.• Additional information on loan programs can be foundon the Student Financial Services website atwww.sfs.upenn.edu/loans.Know what is on your credit report and address anyerrors• Free copies of your credit reports are available at www.annualcreditreport.com.• You can request your credit scores for a nominal fee.• If there are errors, creditors are required to fix themwithin 45 days of receiving a written request from you.Be careful about opening new credit accounts• Too many lines of credit may negatively impact yourcredit• Opening several new accounts in a short time periodcan damage your credit– Applying for a new credit account becomes an“inquiry” on your credit report.– More than three inquiries in 12 months canlower your credit score.Develop an affordable budget and stick to it• A budget can help you manage your expenses andminimize what you have to borrow.• Be thrifty. It will pay off later.• Pay your bills on time• Most student loans are credit-based, so you may notqualify if you pay bills late.• Just one late or missed payment may impact your abilityto borrow.• Notify creditors immediately of any address changes andenroll in automated debit from your bank account.• What are my total assets and savings?• What is my total indebtedness?• What portion of my assets and savings can be usedtoward my educational expenses?