Michael

How He Paid for His MBA

Federal loans, personal savings

His Story

Supplementing funds saved from his prior work experience, Michael borrowed up to the recommended budget from the federal government with a combination of Federal Direct Unsubsidized Loans and Federal Direct PLUS Loans. While the borrowing rate was higher than most private lenders, he felt that the government offered more protection should adverse events occur, and still allowed him the option of consolidating his loans through a private lender after graduation.

Originally from Washington, DC, Michael didn’t fully anticipate some of the upfront costs (e.g. purchasing furniture) related to his move from New York City to Philadelphia, and recommends that prospective students save more than they anticipate needing for the year. “Wharton is much more enjoyable if you have a little flexibility in your budget.  There are a lot of interesting opportunities that may require additional student financing, such as travel costs for treks or the global modular courses, even if those opportunities are partly subsidized.”