External Funding Opportunities

Many students find funding from organizations dedicated to helping students become leaders in education, both locally and around the world.

We encourage students to explore the many external funding opportunities available to assist them in financing their graduate education. Many of our students have found success by searching for external scholarship through FastWeb, ProFellow, and ScholarshipOwl. You can also explore options below to learn more about external scholarships, fellowships, and private loans.

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.