Wharton EMBA U.S.Citizens
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Wharton EMBA Federal Direct Unsubsidized Loan
The Federal Direct Unsubsidized Loan is not based on financial need and is unsubsidized, meaning that interest accrues during your period of enrollment. This loan is available to U.S. citizens and eligible non-citizens, who are enrolled at least half-time. View a sample borrowing of this loan below.
| Semester | Maximum Unsubsidized Borrowing | FAFSA Required for borrowing |
| Summer 2025 | $20,500 | 2024-25 FAFSA |
| Fall 2025 – Spring 2026 | $20,500 | 2025-26 FAFSA |
| Summer 2026 | Students who opt to use federal loans for this term can leverage the Graduate PLUS loan | |
| Fall 2026-Spring 2027 | $20,500 | 2026-27 FAFSA – Available Fall 2025 |
*the chart above represents possible maximum borrowing of the unsubsidized direct loan per academic year. While it is likely students will qualify for the maximum amount, additional terms and conditions may apply, including but not limited to aggerate federal loan limits, default, prior borrowing history, etc.*
Visit here to view additional information on applying for and accepting these loans.
Wharton EMBA Federal Direct Graduate PLUS Loan
If you need funding beyond the Direct Loan, and wish to borrow federal funds, you may consider a Direct Grad PLUS Loan. These loans are credit based. You may borrow up to your remaining Cost of Attendance (COA) less scholarships, fellowships, and other financial resources (including but not limited to other loans, sponsor payments, outside scholarship, etc.) Remove any credit freezes before acting on the Graduate PLUS Loan at Path @ Penn.
| Semester | Maximum Grad PLUS Borrowing | FAFSA Required for borrowing |
| Summer 2025 | COA – other financial resources | 2024-25 FAFSA |
| Fall 2025 – Spring 2026 | COA – other financial resources | 2025-26 FAFSA |
| Summer 2026 | COA – other financial resources | 2025-26 FAFSA |
| Fall 2026-Spring 2027 | COA – other financial resources | 2026-27 FAFSA – Available Fall 2025 |
Students may choose to decline the Graduate PLUS Loan to borrow alternative loan funding. The Graduate PLUS Loan must be declined in Path @ Penn, before any alternative loan will be certified.
Visit here to view additional information on applying for and accepting these loans.
Wharton Alternative Student Loans
Private alternative loans are not subsidized, and generally have higher interest rates and fees, both based on your credit score. In addition, cosigners may be required. Penn encourages U.S. citizens and permanent residents to first consider the Federal Direct and Federal Direct PLUS loan programs when they need to borrow.
ELM Select provides an unbiased comparison of loan products. Students can compare interest rates, repayment terms and more here. Select “Wharton MBA, University of Pennsylvania” then compare loan providers. Note that this is not an exhaustive list of loan products available to students.
Summer Alternative Loan Requests
Students enrolled in summer courses who wish to borrow alternative loan funding are required to submit a separate application for summer loan funding. Fall and Spring loan funds may be applied for together. Failure to comply with this loan schedule may result in the loan certification being denied by The University of Pennsylvania.
| Term Requesting Alternative Loan | Earliest you may apply |
| Summer 2025 | March 15, 2025 |
| Fall 2025 – Spring 2026 | April 15, 2025 |
*Certification of Summer 2025 loans will begin in Mid-April 2025. Certification of Fall 2025 – Spring 2026 loans will begin in Mid-June 2025.
