MBA Funding FAQ
| Q1: | Is MBA education affordable? |
| A1: | Yes, but the affordability of an MBA education is a personal decision. While financing is available, loans are more readily accessible than grants or scholarships. |
| Q2: | What are the financing options? |
| A2: | Financing options refer to the money to help you pay for your graduate education. Your primary source of funding will be through federal and credit-based education loans. Typically, a financial aid package will include a combination of government loans, scholarship support, other educational loans that satisfy demonstrated need and the Wharton Loan, available to all students admitted to the MBA program. |
| Q3: | How are scholarships awarded? |
| A3: | Sscholarships are merit-based and awarded on the strength of a candidate's entire application. Scholarships are awarded at the time of admission into the program. No application forms need to be completed to be eligible. |
| Q4: | How do I learn about my financing options? |
| A4: | Please visit the school's website for detailed information |
| Q5: | What do I need to know about educational loans? |
| A5: | Most schools offer several educational financing programs to assist students in meeting their educational expenses. These programs include Stafford and MBA Loan. There are other loan programs with varying interest rates. Information is available in libraries and through your local bank. |
| Q6: | Would you recommend the use of financial aid consultants or scholarship search services? |
| A6: | Consultants are usually expensive. If
a scholarship program charges an application fee, beware!
Consider the extent of the search being offered before committing to a search service. Very few students have won scholarships using such services. These services tend to be relatively expensive and the sources that are guaranteed are usually the major federal student loan programs. You may find better information by spending an hour or two in your local library. |
| Q7: | Are there any other outside sources that I should consider? |
| A7: | You should also think of any organizations to which you belong that might have aid funds available: religious organizations, fraternal organizations, clubs, athletics, veteran groups, ethnic groups, unions, employers, rotary clubs, etc. |
| Q8: | Are grants or scholarships taxable? |
| A8: | The Tax Reform Act of 1986 states that
grant assistance is taxable income to the extent that it exceeds
tuition, required education fees, and course-related expenses.
Course-related expenses are those for books, supplies, and equipment
required for your courses. For non-resident aliens, it is required to withhold federal income tax on grants received in excess of the expenses described above. |
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