Penn's No Loan Policy

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Penn's No Loan Policy

Penn stands out as one of the few universities that does not include loans as part of a financial aid package. All dependent undergraduate students eligible for financial aid at Penn receive loan-free aid packages, regardless of family income level.

This no-loan program is the latest step in Penn’s effort to widen access for qualified students from all economic backgrounds, expanding its earlier focus from low and lower-middle income families to include middle and upper-middle income families.

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Q: Does the policy apply to every Penn student?

A: The policy applies to dependent undergraduate students in the College of Arts and Sciences, the School of Nursing, the College of Engineering and Applied Sciences, and the Wharton School, who have not already received a baccalaureate degree.

Independent students, for whom no parental contribution is expected, will be reviewed on a case-by-case basis. Because there is no expected parental contribution, independent students are expected to assume a somewhat higher share of their expenses than dependent students, and may continue to have need-based loans. The policy is in effect for the standard undergraduate career of eight academic year semesters.

Q: Will I be allowed to take out loans even if a loan is not included in my aid package?

A: Loans will still be available, at the student's discretion, to substitute for work-study and expected summer savings, for certain expenses not included in the standard academic year cost of attendance (e.g. health insurance), and for summer school. Read more about loans here.

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