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A Look at the Facts
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| We urge you not to let
financial concerns deter you from applying to Penn.
We make every effort to help meet your financial needs,
as illustrated by these facts: |
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For
2007-2008, Penn is committing over $88 million
of its resources for grant aid to undergraduate
students |
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Almost 55% of Penn
undergraduates receive some form of financial
assistance |
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Nearly 38% of Penn
undergraduates are awarded need-based grant aid |
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Approximately
72% of the freshmen who applied for financial
aid for the
2007-2008 academic year received a need-based award |
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The average financial
aid award for incoming aided freshmen in 2007
was $31,595 (combination of grant, loan, and
work study) |
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| Aided
Freshmen by Family Income |
| Class
of 2011 (entering September 2007) |
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| $1 - 19,999 |
78 |
$44,874 |
98% |
| $20,000 - 29,999 |
67 |
$42,149 |
97% |
| $30,000 - 39,999 |
77 |
$37,947 |
92% |
| $40,000 - 49,999 |
62 |
$40,023 |
95% |
| $50,000 - 59,999 |
58 |
$35,932 |
95% |
| $60,000 - 69,999 |
63 |
$35,739 |
93% |
| $70,000 - 79,999 |
63 |
$34,025 |
97% |
| $80,000 - 89,999 |
56 |
$31,597 |
95% |
| $90,000 and above |
379 |
$22,168 |
60% |
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| The
total award amounts above are averages. Many factors
other than income are considered in the evaluation
of financial need; therefore, individual awards may
vary significantly. |
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| Comparing
Penn's Cost |
The cost
of a college is a key factor in determining eligibility
for need-based financial aid. When comparing schools
and their costs, it is also important to compare
financial aid programs.
Comprehensive financial assistance programs, like
Penn's, can effectively lower the sticker price,
and sometimes make the cost lower than that of
a less expensive institution. For example, if you
can afford a college that costs $19,000, you may
just as easily afford Penn. As illustrated, the
financial aid package offered by Penn may effectively
cover the price difference between a college of
moderate cost and Penn. Note that the out-of-pocket
cost to the family is identical at each institution.
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| Educational Expense Budget |
$49,080 |
$19,000 |
| Expected Family Contribution |
- 12,000 |
- 12,000 |
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| As illustrated,
Penn meets the full need of $37,080 which covers the
difference in the cost of the schools. |
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