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Need-Based Financial
Aid |
Prospective Undergraduate
Students |
Entrance in September
2008 |
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| The University of Pennsylvania
endorses the principle that education is first and
foremost the responsibility of the student and family.
Therefore, Penn awards financial aid to supplement,
not replace, the family's ability to pay. Our goal
is to assist as many families as possible in a fair
and equitable manner. |
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| To this
end, Penn employs these policies for U.S., Canadian
and Mexican citizens and permanent residents: |
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Need-Blind
Admission
The Office of Admissions reviews admission applications without regard
to whether the student is applying for financial aid. |
|
Penn
Meets Full Need
Penn meets 100% of a student's demonstrated financial need. |
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| Eligibility |
| There is no arbitrary income
cut-off for financial aid eligibility. Because each
family is different and financial aid is determined
by many factors, we encourage you to apply if you are
concerned about your ability to pay. |
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| How
Financial Aid is Determined |
Financial aid is awarded
based on financial need as determined by Student Financial
Services. Financial need is the difference between
Penn's costs and the amount your family is expected
to contribute (Educational Expense Budget - Family
Contribution = Financial Need).
Penn reviews all applications individually, and does not rely on the Federal
EFC (Expected Family Contribution). The following items are considered
in determining financial need: |
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family
size |
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student
income and assets |
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parents'
income and assets* |
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the
number of family members enrolled in college |
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extraordinary
family circumstances |
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| *Financial information
from both parents, even if they are divorced or separated,
is used to determine financial need. |
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| How
to Apply |
| Complete the College Board
PROFILE Application, Penn's Form 6 and a Free Application
for Federal Student Aid (FAFSA). Copies of your parents'
and your tax returns and W-2 forms are also required.
Review , or obtain a copy
of the Financial Aid Application from the Office of
Admissions. |
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| Notification
of Financial Aid Eligibility |
| Penn will notify you at
the same time as your admissions decision, as long
as you have met all application deadlines. Our goal
is to inform you of your financial options prior to
the deadline for notifying colleges of your enrollment
decision. |
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| What
is a Financial Aid Award? |
A financial aid award,
also known as a "package," typically includes
a federal work-study job, student loan and in most
cases, grant. Penn participates in all federal assistance
and state programs to provide students with a comprehensive
financial aid program to meet 100% of your determined
need.
Penn offers loan-free packages to students from families
with incomes below $60,000, who are determined to have
high financial need, substituting grant for what the
student would otherwise be expected to cover with student
loans. In addition, Penn offers loan-free packages
to students who are identified by Admissions as Trustee
Leadership Scholars, based on extraordinary academic,
leadership and/or extra-curricular experience. There
is no separate application for these awards; all financial
aid applicants will be considered. |
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| Financial
Aid Funds |
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