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| Case Studies |
| Prospective
Undergraduate Students |
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The
following case studies illustrate how need-based
financial aid and payment options work together.
Penn cannot guarantee that every student whose family
feels they resemble one of these case studies will
receive a similar aid package. These case studies
are examples only.
1. MARGARET lives
in California with her parents and younger brother.
Her parents' total income is $90,000. The family
has $130,000 in home equity, and $11,000 in savings.
Penn calculated that Margaret's parents
could contribute $13,350 towards education for the
current year. Margaret is expected to contribute
$2,300 from her summer earnings.
The total family contribution is $15,650. |
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| Educational Expense Budget |
$53,250 |
| Less family contribution |
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15,650 |
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| Penn Grant |
$34,600 |
| Federal Work-Study Job |
3,000 |
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| Margaret's
parents intend to apply for a Federal
PLUS Loan to
finance their parental contribution of $13,350. Monthly
payments will be $165. |
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2.
NICOLE'S father
is deceased and her mother earns a modest income
to help support a family of three children in Pittsburgh,
Pennsylvania. Her total income, including social
security benefits for the younger children, amounts
to $39,500. Penn expects a family contribution of
$50. |
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| Educational Expense Budget |
$53,250 |
| Less Family Contribution |
50 |
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| Penn Grant |
$50,700 |
| Work-Study
Job |
2,500 |
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3.
KRIS lives
with her parents and brother in suburban Chicago.
Her parents are teachers, and together earn $147,600.
They own a home with $130,000 in equity, and have
$42,000 in savings. Kris' brother is also enrolled
in a four-year college. Penn expects Kris' parents
to contribute $16,250 and Kris to contribute $2,300
from her summer earnings. |
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| Educational Expense Budget |
$53,250 |
| Less Family Contribution |
-18,550 |
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| Penn Grant |
$31,700 |
| Work-Study
Job |
3,000 |
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| To assist
them with the parental contribution of $16,250, Kris'
parents combined two payment options. Through the Penn
Monthly Budget Plan, they budgeted $5,000 over
ten months; their monthly payment is $500. They borrowed
the remaining $11,250 from the Federal PLUS Program;
monthly payments are $140 for ten years. Kris' parents
pay a monthly total of $640 for Kris' first year
at Penn. |
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4.
ERIC lives
with his parents and younger sister; his parents'
combined income is $118,500. They own a home in New
Jersey with $95,000 equity and have savings of $27,000.
Penn expects Eric's parents to contribute $16,950
and Eric to contribute $2,300 from his summer earnings.
The total family contribution for the academic
year is $19,250. |
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| Educational Expense Budget |
$53,250 |
| Less Family Contribution |
-19,750 |
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| Penn Grant |
$30,500 |
| Federal Work-Study Job |
3,000 |
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Eric's
family elected to use two payment options to pay
their parental contribution of $16,950. They budgeted
$6,000 through the ten-month Penn
Budget Plan at
$600/month, and financed $10,950 through the Federal
PLUS Program at $136/month. Their monthly payment
for Eric's first year at Penn is $736.
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6.
WILLIAM lives with
his parents and two sisters. His father's annual
income is $170,000 a year. They have $390,000 of
equity in their home and $100,000 in assets. William's
parents have saved $55,000 for his education, William
has saved $20,000, and his grandparents have contributed
$30,000 to an educational savings plan for him.
Because the amount William and his family are expected
to contribute is greater than William's educational
costs for the academic year, he is not eligible for
need-based financial aid. However, if William files
a financial aid application, he is eligible to borrow
$5,500 from the Federal Stafford Loan
program.
William's family has elected to participate in the
Tuition
Stabilizer Plan. They will prepay 4 years of
tuition and fees at the current rate to avoid future
tuition increases. |
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