EMBA Cost, Tuition, Scholarships, and Financing Options

Pursuing your Executive MBA is an investment in yourself and in your future. Approximately one-third of Wharton’s EMBA students are sponsored by an employer. Others finance their degrees through self-sponsorship and scholarships.

EMBA Sponsorship and Financing Options

Wharton is committed to helping you explore financing options so that you make informed decisions. Wharton’s MBA for Executives Program requires your employer to sponsor your time in the program. We also encourage you to secure financial sponsorship from your employer.

Executive MBA Tuition and Costs

Joining an executive MBA program is an investment in your future and it will continue to pay dividends throughout your career. At Wharton, the cost of the two-year EMBA program for the class entering in 2020 is $210,900. Because the University of Pennsylvania is a private university, there is no difference between in-state and out-of-state tuition. 

These costs include:

  • Tuition
  • Student fees
  • Most course materials
  • Room & board
  • Case study room for you and your study team
  • Land Package for the MBA Program for Executives Global Business Week

Room and board for all required class days is provided at the Steinberg Conference Center or Inn at Penn in Philadelphia, or the Le Meridien Hotel in San Francisco.

Airfare is not included. The registration charge and travel costs for the elective Global Modular Courses that are offered during holiday breaks are not included.

The Case for Self-Sponsorship


Sponsoring students in the program, from partial to full financial support, can develop and strengthen a company’s leadership talent pool, while retaining the employee during and after the program. Find out more about requesting and negotiating sponsorship.

The Benefits of Sponsorship at Work

Why Paying for Your MBA is Worth the Investment

How This Alumna Earned Sponsorship

Payment Schedule

You can make tuition payments by check, electronic fund transfer, or American Express, Discover, or MasterCard credit card (fees apply). Program tuition is due in six equal installments before the beginning of each term of the University of Pennsylvania academic calendar.


To reserve a place in the program once admitted, you are required to submit a nonrefundable deposit of $2,500, which is applied to the first year’s tuition. Complete information regarding fees and payment schedules will be provided in the acceptance materials.

For California Residents: Due to California BPPE regulations, California residents in the WEMBA San Francisco cohort will submit a $250 nonrefundable deposit.  In addition, California residents should review the catalogue and the enrollment agreement for additional deposit and refund information.

Financing Your MBA

Wharton encourages you to explore your financial options to select the financial resources that best fit your needs. Understand that most students rely on multiple funding sources; financing options typically include personal resources, educational loans, external scholarships and sponsorship.

As an MBA is a long-term investment, most students rely on loans to cover some or all of their education or living costs. Students typically borrow from one or several loan programs, and you have the right to select the educational loan provider of your choice.

Wharton does not endorse any specific lender nor receive compensation from any lender, and we encourage students to compare the fees and terms of all student loan products to determine which ones are best suited to their individual needs. Information on loan programs and links to loan applications are available on the Student Financial Services website.


U.S. Citizen/Permanent Resident Students

Listed below are the current loan offerings for U.S. citizens and U.S. permanent residents.

Federal Direct and Direct Grad PLUS Loans
Federal student loans available to graduate/professional students are all unsubsidized loans. Direct Unsubsidized loans will accrue interest while you are in school.

Federal Direct and Direct GRAD PLUS Loans offer fixed interest rates, low fees, favorable repayment benefits, ease of application and electronic disbursement of funds directly to your student account. Both loan programs require the completion of the Federal Application for Federal Student Aid (FAFSA).

Private Alternative Loans
A number of private lenders and other financial institutions offer education loans to students. These loans are referred to as private alternative loans.

Private alternative loans are not subsidized, and generally have tiered and fixed interest rates and fees, both based on your credit score. In addition, cosigners may be required. Unlike Federal Direct and Grad PLUS loans, private loans do not have an income-based cap on monthly repayments. Therefore, Penn encourages U.S. citizens and permanent residents to first consider the Federal Direct and Direct Grad PLUS loan programs when they need to borrow. Review a comparison of Grad PLUS and private alternative loans on the Student Financial Services website.

International Students

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.

Listed below are the current loan offerings for international students.


Quorum Federal Credit Union provides student loans to international Wharton MBA students that do not require a U.S. co-signer. Quorum Federal Credit Union offers an interest rate of Prime plus 4.50% (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. Apply Here.

  • (Current) Interest Rate: Prime rate + 4.00%
  • Draw Fee: 1%
  • Loan Limits: Up to 80% of the cost-of-attendance budget minus any other financial aid.
    • Quorum loan borrowers can submit a loan application after May 1, 2020.


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 90% of the student budget for both years of the program with no cosigner or collateral required. For additional information on applying for a Prodigy Finance loan, please visit https://prodigyfinance.com/.

  • (Current) Interest Rate: S. 3-month Libor rate + 4.50%
  • Origination Fee: No administration or draw fee
  • Loan Limits: Up to 90% of the cost-of-attendance budget minus any other financial aid.


Private Alternative loans are not subsidized; they generally have tiered and fixed interest rates and fees, both based on your credit score. In addition, an eligible U.S. citizen or permanent resident co-signer is required for a private alternative loan. The Wharton MBA Financial Aid Office does not recommend the best private alternative loan option and you must do your research and compare loan programs.

Private Alternative Lenders

Please Note (OFAC Sanctions): In accordance with regulatory guidelines, students who are on the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List are NOT eligible for this private education line of credit. In addition, students that reside in countries with OFAC comprehensive sanctions are NOT eligible for this private education line of credit during the time they reside in those respective countries. Please see http://www.treasury.gov/resource-center/sanctions/Pages/default.aspx for further information.

Military and Public Service Programs

Yellow Ribbon Program for Military Students

Wharton maintains a commitment to the Yellow Ribbon Program and is in full support of our veteran and active military students.

The Yellow Ribbon Program (YRB) is a provision of the Post-9/11 Veterans Educational Assistance Act of 2008. Wharton offers grant funds through the Yellow Ribbon Program for veterans and is committed to funding students who are 100% eligible under the Post-9/11 GI Bill®.

  • Details and eligibility guidelines can be found at va.gov
  • The combination of VA Benefits and all other funding (Scholarships, Sponsorships, Fellowships, etc) cannot exceed full tuition and fees.
  • Students may receive a maximum Yellow Ribbon Award of up to $17,500 for Academic Year 2020/2021 and the Dept. of Veteran Affairs (VA) will match the award amount granted by Wharton.
  • The University Registrar Office will process your Certificate of Eligibility (COE) as early as May 1 for the upcoming year.

Veterans Office Contact Information:
Phone: 215-898-6636
Email: veterans@upenn.edu
Website: http://www.upenn.edu/registrar/veterans/index.html

The John M. Bendheim 
Loan Forgiveness Fund for Public Service

The John M. Bendheim Loan Forgiveness Fund for Public Service was created in 2005 by John Bendheim, W’40, and his son Tom, WG’90, G’90 and member of the Lauder Institute Board of Governors. The fund is designed to encourage Wharton MBA graduates to pursue careers in the public and nonprofit sectors.

Eligible candidates must be pursuing careers in the public and nonprofit sectors, and the awards are based on a combination of activity, career goals, and financial need. For those selected for this program, Wharton will send up to $20,000 per year to the recipients’ lenders to pay down their loans. The application process is competitive, but there is no limit to the number of times alumni may be chosen as recipients during the first five years following graduation.

This Fund is managed by the Wharton Program for Social Impact. Please visit their website to learn more on the Loan Forgiveness Fund for Public Service application process.

EMBA Scholarships

The Wharton MBA Program for Executives awards several scholarships to incoming students. These funds are based on the individual and the applicant pool as a whole. No scholarship application is necessary. Consideration is automatic.

Best Scholarships from External Funding Sources

Students are encouraged to investigate all sources of funding, including government and private scholarships, prior to borrowing from any loan program. Following are some resources that may offer funding opportunities.

Financing Your MBA FAQs

If you have any additional questions, please feel free to contact us.

Registrar Office:
The Office of the University Registrar
University of Pennsylvania
Room 221 Franklin Building
3451 Walnut St.
Philadelphia, PA 19104-6273
Email: registrar@exchange.upenn.edu
Website: http://www.upenn.edu/registrar
Phone: 215.898.6636

Wharton MBA Financial Aid Office:
MBA Admissions and Financial Aid
The Wharton School
University of Pennsylvania
Vance Hall, Suite 111
Philadelphia, PA 19104.6340
Email: financialaid@wharton.upenn.edu
Website: mba.wharton.upenn.edu
Phone: 215.898.8728

What happens if my employment situation changes during the program (for example, if I get transferred or there's a merger or corporate layoffs)?

Wharton makes every effort to work with students to determine a way to complete their degree programs at Wharton. Some students who have been transferred have either continued commuting to the program or switched campuses (from Philadelphia to San Francisco or vice versa). This option is available only after the first-year core courses are completed. For others, an unexpected job development may require a deferral for a semester or a year. The options of both campus transfer and deferral are offered on a space-available basis.

I work for a not-for-profit organization, and the possibilities for financial sponsorship are limited. Will that jeopardize my application, and are there any other sources of financial aid?

Wharton welcomes applications from employees of public and not-for-profit organizations. The ability of your organization to support you financially will not have a negative impact on your application. You may want to explore grants and scholarships from independent foundations and organizations. If you are accepted, Wharton guarantees a loan up to 80% of your student budget through Quorum Federal Credit Union.

What should be included in the letter of sponsorship?

The Sponsorship Letter should include a clear statement that your organization supports your interest in pursuing the MBA degree at Wharton, and that it understands and agrees to the time commitment that will be required to complete the classwork and study demands of the two-year program. It should also indicate whether financial support will be provided.

If you have less than eight years of work experience, you will apply as a Fellows Candidate. Please see the financial commitment that is required and must be acknowledged in the Letter of Sponsorship for Fellows candidates.

If you are an independent professional or consultant, or the head of your own firm, you can write your own sponsorship letter. In this case, the letter should outline your ability to make the time commitments needed to participate fully in the program, including making arrangements with clients and/or others within your organization, and your ability to finance the program.

How can I strengthen my chances for getting sponsored by my organization?

Policies within each organization vary, but in general: start early, understand your organization, and have a clear plan for how the program can benefit both you and your sponsoring organization. Visit sponsorship for more tips and resources.

Can I sponsor myself?

Yes. If you are a self-employed professional or consultant, or the head of your own firm, you can write your own letter of endorsement, outlining your ability to make the time commitments needed to participate fully in the program and make arrangements with clients and/or others within your organization so that you will be able to attend all classes and required program activities. If you are employed by an organization that can endorse your candidacy but not support you financially, you may self-sponsor the financial requirements. In this case, your organization must still provide a letter of endorsement stating that you will be able to have the time away from work required to attend all classes and required program activities.

Does the level of financial sponsorship affect the admissions decision?

Full financial support shows a strong commitment on the part of the organization and a strong endorsement of the applicant. To this degree, it is part of the total picture of an individual’s candidacy. Wharton realizes, however, that not every organization has the resources or policies to be able to fully support an applicant. Recommendations and a letter of endorsement – that is, the assurance that a sponsoring organization sees the value of participation in the program and will support the time commitments of the program – are more important than the level of financial sponsorship.

What can a sponsor do to get the most value out of the program for both the organization and the applicant?

Each organization is different, but the single most valuable tool we can recommend is to have a clear career plan in place that identifies how this program is expected to prepare a candidate for new or expanded responsibilities within the organization. Such a plan can help reap the benefits of the program on a day-to-day basis, and ensure that new leadership capabilities will have a place to grow within the organization.

Can my sponsor visit or talk to somebody during the admissions process?

Yes. We welcome the opportunity to talk or meet with your sponsor at any time to discuss any aspect of the program or your candidacy. Please feel free to contact us by phone or e-mail.

Is an employer required to provide financial support for me to be considered for the program?

While financial support by your firm is encouraged, it is not required unless you are nominated as a Fellows candidate. (Fellows candidates are somewhat younger and have less work experience than the traditional student profile; therefore, their organizations must nominate them, demonstrate their high management potential, and provide substantial program support.) For traditional candidates, some employers sponsor the program in full and others offer partial support. Some students are also self-sponsored. All organizations must provide a letter of endorsement that assures that time away from work will be provided for all program classes and required activities.

I am active duty military or a veteran, may I waive the application fee?

Yes, please see the instructions within the application on how to do this. Basically, you will be required to call the office when you are ready to submit your application.

I qualify as a Fellows candidate. May I take out a loan to sponsor myself?

If you are a Fellows candidate, your company must be substantially financially responsible for the cost of the program. Please contact the program office to which you are applying if you need to discuss whether an exception can be made due to special circumstances.

Are there scholarships for students in the program?

There are limited scholarships available. In addition to our information on Loan Programs, you may wish to research possible grants or scholarships from other sources.

How do I learn about my financing options?

Information on financing options is available through the Wharton MBA Program website and through the University of Pennsylvania’s Student Financial Services.

Do you accept credit cards for application fee payments?

The Online Application System requires payment by credit card for your application fee.

What is the cost of the program and when are payments due?

Tuition for the class graduating in May 2022 is $214,800. This cost includes tuition, fees, some course materials, and program-related housing and meals. Payments are generally due a few weeks before the start of the term.