Student Loans

Looking for additional funding sources to defray your tuition costs?

Federal Loans

U.S. citizens and permanent residents who file a FAFSA can be considered for the programs below.

In addition to degree level funding and additional funding opportunities, many students utilize these resources to help pay for their graduate education. 

Federal Loan Programs

Federal Direct Loans are offered by the U.S. Department of Education to U.S. citizens or permanent residents. Direct Loan payments are deferred while you are enrolled at least half-time, though interest accrues during the in-school period. The federal government offers loans to eligible borrowers to help cover tuition, fees, and living expenses.

The Direct Unsubsidized Loan does not require a credit check and is issued in iterations of $20,500 per academic year. 

To apply for federal loans, complete the Free Application for Federal Student Aid (FAFSA) using the University of Pennsylvania’s institutional code: 003378.

Your FAFSA information will be sent to the University's Student Financial Services office (SFS). For questions, contact SFS at (215) 898-1988 or graduateaid@pobox.upenn.edu.

How to Apply for Federal Aid

To apply for federal financial aid, follow these steps:

1. Accept your offer of admission and pay any required deposit.
2. File the current FAFSA as soon as possible using Penn’s school code: 003378.
   1. Students beginning in the summer must file two FAFSAs: the prior year's FAFSA and the current year's FAFSA, both by June 15.
3. Complete the Planned Enrollment Form. This will be available here in May.
   1. Enter the number of classes you plan to take each semester. If unsure, estimate or consult your program for assistance.
   2. Penn uses Course Units (CUs) instead of credits (1 class = 1 CU).
   3. Students in Executive Format programs do not need to file the planned enrollment form.
4. Log into www.studentaid.gov and sign the Master Promissory Note and Loan Entrance Counseling for the Direct Unsubsidized Loan.

After completing the steps above and registering for classes, Student Financial Services (SFS) will generate official loan applications on your behalf and post them to the Path@Penn portal. During the summer, you will receive a notification to log into Path@Penn to accept, decline, or adjust your loan amount. You must log onto the Path@Penn portal to accept your loans every semester you are enrolled.

Federal Loan Forgiveness Programs

For Teachers

If you teach full-time for five consecutive academic years in a low-income school or educational service agency and meet other qualifications, you may be eligible for up to $17,500 in forgiveness on your Direct Unsubsidized Loan. For more details, visit the Federal Teacher Loan Forgiveness page.

For Public Service

The Public Service Loan Forgiveness (PSLF) program forgives the remaining balance on your Direct Loans after you make 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. Learn more about eligibility and application requirements on the PSLF page.

Private Loans

Private education loans are non-federal, credit-based loans offered by banks, credit unions, state agencies, and private education loan providers. These loans can help cover educational expenses that may remain after all other forms of financial aid have been applied not to exceed your Cost of Attendance.

Penn has entered into Preferred Lending Agreements with several well-known, reputable lenders. You may use any lender you wish (you do not have to use a preferred lender) but the agreements Penn entered with these lenders give Penn students unique and highly competitive options such as:

1. Pre-approval with soft credit check.
2. Multi-year approval. You can submit one application for the length of your entire program
3. Competitive interest rates, and approval for even those with less than perfect credit.
4. Cosigner release. If you need a cosigner, some lenders will release your cosigner after you make the required number of on-time payments.
5. Use Elm Select to search Penn’s preferred lenders.

You can use federal loans, private loans, or a combination of both to cover your tuition, fees, and living expenses. 

FAQ

When should I apply for loans?

You can request a pre-approval after admission. You can formally apply for private loans after you have accepted admission and paid the deposit. The funds will be sent after you are registered and billed. 

How much loan am I eligible for?

Penn's preferred lenders will lend qualified applicants enough to cover their tuition, fees, and living expenses, less other sources of aid. 

What if I have low credit, poor credit, or no credit? 

Students with a score of 650 FICO or higher will qualify for the best rates, but those with credit below this threshold may still qualify at higher rates or with a cosigner. Students with no credit history can still be approved. The preferred lenders will let you pre-qualify with a soft credit check so you can see the rates you qualify for based on your credit. 

Can international students qualify for private loans?

International students might qualify for private student loans if they (or a cosigner) have three or more years of U.S. credit. Additionally, the following lenders will issue loans to international students without a US cosigner or FICO score: 
MPower Financing
University of Pennsylvania Students Federal Credit Union