How She’s Paying for Her MBA
Fellowship, outside scholarships, personal savings, federal loans
Chanelle didn’t expect to get much funding for her MBA, but she was pleasantly surprised.
“I received a Joseph Wharton Fellowship, which includes partial funding for both of my years here at Wharton,” she said. “This fellowship eased the financial burden of business school.”
She also managed to find outside funding. “I knew that there were not too many scholarships available for MBAs specifically, so I was targeted in my search, looking for opportunities for women, individuals from my state, etc.”
Her personal savings and loans made up the rest.
“I took out federal loans primarily for the flexibility,” Chanelle said. “At the time, I was not sure what I wanted to do post-MBA, so I wanted the benefits that federal loans offered. I only used loans to cover the remaining balance of my budget, less my fellowships/outside funding and whatever I put forward from my savings.”
Chanelle tries to be mindful and conscious of where her money is going, while still enjoying the MBA experience. She has adopted a balanced approach to budgeting.
“When I first came to Wharton, I thought seriously about what I wanted to get out of the experience and made a mental list. If an event or trip somehow aligns with this list, I typically do it with little hesitation,” she said. “My advice to newly admitted students in similar situations is to take a moment to think about the three things you truly want to get out of the Wharton MBA experience, and then align your budget to that. Having these goals in mind can help navigate you, and your wallet, towards whatever you value the most.”
Wellesley College, bachelor’s, Psychology
Knowledge specialist, project coordinator, Bain & Co.