FINANCIAL AID INFORMATION 2015-2016
FOR PROSPECTIVE STUDENTS AND THEIR FAMILIES
Your
dreams.
Our
commitment.
Making an Ivy League
education affordable.
Our Commitment
The University of Pennsylvania:
• Practices need-blind admissions
• Meets 100 percent of demonstrated financial need for four years
• Provides an aid package that includes only grants and a work study job
for undergraduates who receive financial aid, which often allows
students to graduate debt-free
AIDED FRESHMEN BY FAMILY INCOME: CLASS OF 2019
(entering August 2015)
Family Income
Median Annual Awards
Percent of Applicants Offered Aid
$0–39,999
$63,790
98%
$40,000–69,999
$63,500
100%
$70,000–99,999
$56,770
99%
$100,000–129,999
$49,550
96%
$130,000–159,999
$41,720
97%
$160,000–189,999
$37,075
94%
$190,000–219,999*
$30,220
84%
$220,000 and up*
$15,935
31%
* Most who qualify have more than one child in college.
Many factors other than income are considered. Therefore, individual awards vary based on individual circumstances.
Families with non-typical financial situations (such as business owners, parents who are self-employed, owners of real
estate other than their primary home, and divorced parents) are more likely to receive non-typical awards.
Benjamin Franklin was 17 when he arrived in
Philadelphia—nearly penniless but with the intellect and
aspiration to improve his life and the community. He
founded Penn on the idea that all the best minds should
have access to the finest education, regardless of their
families’ ability to pay.
Things You Should Know about Penn
THE VALUE OF A PENN EDUCATION
We understand that the cost of an
undergraduate education is expensive and a
major commitment for you and your family.
Given the changing economic landscape,
families expect that their student will receive
an education that prepares them for
tomorrow’s job market.
You will need an education that is practical,
powerful, and flexible—one that will allow
you to adapt and to thrive in any situation. You
will need an education like the one you will
receive at Penn.
OUTCOMES OF OUR COMMITMENT
•Penn ranks in the top 10 on Kiplinger’s Best
Values in Private Universities.
•Penn has an aggregate undergraduate
graduation rate of 96 percent.
•11,500+ interviews are conducted annually on
campus in Career Services.
•73 percent of Penn graduates earn or pursue
an advanced degree within 10 years.
•The average salary for College of Arts and
Sciences graduates five years after graduating
is $90,778.
•87 percent of students in the Class of 2014
interned during their undergraduate career.
Average financial
aid package for
incoming awarded
freshmen in 2015:
$48,605
INTERNATIONAL STUDENTS
The University provides over $7 million in
financial assistance to students who are
not citizens or permanent residents of
the United States, Canada, or Mexico.
However, because the offer of admission for
non-citizens is directly linked to their ability
to meet expenses, candidates whose families
have the financial means to afford
educational costs are encouraged not to
apply for financial aid.
WE MEET YOUR FULL
DEMONSTRATED NEED
Penn meets 100 percent of the demonstrated
need of each family throughout their student’s
undergraduate years. This year, Penn is
devoting $206 million to undergraduate
aid. This financial aid budget is entirely
dedicated to need-based aid to ensure that all
students—regardless of their financial
background—are able to attend Penn if
admitted. Penn and the other institutions that
compose the Ivy League do not award any
merit-based or athletic scholarships.
HOW AID IS DETERMINED
Financial aid is awarded on the basis of
financial need, which is the difference between
Penn’s cost of attendance and the amount
your family is expected to pay (your expected
family contribution).
Cost of Attendance
– Expected Family Contribution
Financial Need
Penn individually reviews each family’s
financial aid application and parent and
student tax returns. The following items are
also considered:
•family size
•student income and assets
•parents’ income and assets (including home
equity but not retirement accounts)
•the number of children enrolled in college
•extenuating family circumstances (such as
illness or loss of employment)
Financial information from both parents is
used to determine financial need, even if they
are divorced or separated.
Penn awards an aid package, a pledge of
financial support from the University that
includes grants and a work-study job. Unlike
most other universities, there are no loans in
a Penn aid package. Penn makes it possible to
graduate debt-free.
Understanding the Cost of Attendance
The cost of attending Penn can be the same
or less than at a flagship public university. In
the example to the right, the expected family
contribution is the same at both schools. In
addition, the student’s financial aid package
at Public U includes a loan.
THE NET PRICE COMPARISON:
PENN VS. PUBLIC UNIVERSITY
No-loan financial aid
package:
$56,800
PENN’S 2015-2016
COST OF ATTENDANCE
Tuition and fees
$49,536
Housing
$9,060
Meals
$4,930
Books
$1,250
Personal expenses
Total cost of attendance
Grant: $53,500
Financial
aid package:
$20,000
Grant: $11,200
Work study: $3,300
$2,024
$66,800
Almost
1 in 4
aided students
use work-study
to participate in
civic engagement.
Student loan: $5,500
Work study: $3,300
Expected family
contribution:
$10,000
Penn cost of attendance:
$66,800
=
Expected family
contribution:
$10,000
Public U cost of attendance:
$30,000
This is one example, based on a particular family’s
financial situation. Family contributions can range
from $0 to more than $60,000, depending on
each family’s specific circumstances.
FOUR YEARS OF SUPPORT
Penn commits to meeting your full demonstrated need throughout your undergraduate years. If
your family’s circumstances remain stable, financial aid remains relatively constant; if circumstances
change during the year (such as a parent losing a job), your financial aid package will be reviewed.
FINANCIAL AID GLOSSARY
Aid package: The amount of financial
assistance you receive. A Penn package
includes grants and a work-study job.
Expected family contribution (“net
price”): The actual amount a family is
expected to pay, including contributions from
parents and student.
Grant: Grants do not require repayment
and are available from Penn, the federal
government, and some states.
Need-based: Financial aid is based
on a family’s demonstrated need. Penn
meets 100 percent of each family’s
demonstrated need for all four years
through its no-loan packages.
Need-blind: Admissions decisions are not
affected by your ability to pay or by your
application for financial aid.
Payment plan: The Penn Monthly Budget
Plan allows you to budget fall and spring
semester expenses over a 10-month period.
Work-study job: As part of a financial
aid package, on-campus work-study jobs
allow students to apply their earnings to
college expenses.
What You Might Expect
EXAMPLES OF AIDED STUDENTS
Here are a few case studies of Penn aid
packages received by families of varying
financial situations. While these examples
help provide a sense of what your family might
expect, Penn cannot guarantee that every
student whose family feels they resemble one
of these case studies will receive a similar aid
package and pay a similar net price.
Todd
Todd’s mother is deceased, and his father
earns a modest income to help support a
family of four. His father’s total annual income,
including Social Security benefits for the
younger children, amounts to $39,000. Todd’s
father is not expected to contribute to his
education while Todd is expected to contribute
$1,250 from his summer earnings.
The total family contribution is $1,250.
Penn’s cost of attendance
$66,800
Todd’s family contribution
$1,250
Todd’s financial aid award
$65,550
Sherie
Sherie lives with her parents and younger brother.
Her parents’ combined income is $160,000; they
own a home with $215,000 in equity and have
savings of $26,000. Penn expects Sherie’s
parents to contribute $32,000 and Sherie to
contribute $2,500 from her summer earnings.
The total family contribution is $34,500.
Next year, Sherie’s brother may attend college,
although he is uncertain about his exact plans.
If he attends a school with costs similar to
Penn’s, and if the family’s financial situation
remains similar, Penn will expect Sherie’s parents
to contribute $19,200 and Sherie, $2,500.
The total family contribution is $21,700.
With One Child in College
Penn’s cost of attendance
$66,800
Sherie’s family contribution
$34,500
Sherie’s financial aid award
$32,300
With Two Children in College
Penn’s cost of attendance
Amalia
Amalia lives with her parents and younger
brother. Her parents’ total income is $110,000.
The family has $130,000 in home equity
and $15,000 in savings. Penn calculated that
Amalia’s parents could contribute $12,000
to her education for the current year.
Amalia is expected to contribute $2,500
from her summer earnings.
The total family contribution is $14,500.
Penn’s cost of attendance
$66,800
Amalia’s family contribution
$14,500
Amalia’s financial aid award
$52,300
NET PRICE CALCULATOR
Penn’s net price calculator is available at
www.sfs.upenn.edu. Penn reviews all aid
applications on an individual basis, so the
estimate provided by the net price calculator
may differ from your actual award. The best
way to know how much aid you will receive
is to apply.
$66,800
Sherie’s family contribution
$21,700
Sherie’s financial aid award
$45,100
SHERIE’S FAMILY’S OPTIONS:
EDUCATIONAL LOANS AND
PAYMENT PLANS
Even though Penn’s aid packages do not
include loans, parents and students may still
choose to borrow from programs such as the
federal Direct Loan Program to help manage
their expected family contribution. These
programs distribute costs over a longer time
period. See “Loans” at www.sfs.upenn.edu
for details.
The Penn Monthly Budget Plan allows
families to budget fall and spring semester
expenses over a 10-month period. Families
decide how much to budget each year.
Payments begin in May and end in February.
HOW TO APPLY
The chart below includes a list of financial aid forms and deadlines. Please go to www.sfs.upenn.edu for
more information.
Deadlines
Required Forms
Early Decision
Regular Decision
Transfers
Penn Financial Aid Supplement (PFAS)
November 2, 2015
February 1, 2016
April 15, 2016
CSS/PROFILE
November 2, 2015
February 1, 2016
April 15, 2016
Noncustodial PROFILE (if applicable)
November 2, 2015
February 1, 2016
April 15, 2016
Parents’ and student’s 2014 federal
tax returns—all pages, schedules,
and W-2s, and/or a Tax ID Form
November 2, 2015
February 1, 2016*
Not applicable
Parents’ and student’s 2015 federal
tax returns—all pages, schedules,
and W-2s, and/or a Tax ID Form
February 15, 2016
February 15, 2016
April 15, 2016
FAFSA
April 15, 2016
April 15, 2016
April 15, 2016
* Note to Regular Decision Applicants: if your and your parents’ 2015 tax returns will be available by February 15, you do not need
to submit your 2014 tax returns.
TO LEARN MORE
Go to www.sfs.upenn.edu for
more information, including
application instructions, forms,
deadlines, and the net price
calculator. Select “Prospective
Undergraduates” from the red
box. Or, type your question
directly into askBen at the top
of the page.
Visit www.admissions.upenn.
edu/espanol for admissions
information in Spanish.
CONTACT US
Student Financial Services
University of Pennsylvania
100 Franklin Building
3451 Walnut Street
Philadelphia, PADelicious
19104-6270
Phone: (215) 898-1988
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The University of Pennsylvania values diversity and seeks talented students, faculty and staff from diverse backgrounds. The University of Pennsylvania does not
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discriminate on the basis of race, color, sex, sexual orientation, gender identity, religion, creed, national or ethnic origin, citizenship status, age, disability, veteran status or
any other legally protected class status in the administration of its admissions, financial aid, educational or athletic programs, or other University-administered programs
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those statistics available to applicants and prospective employees upon request. Federal law, the Higher Education Opportunity Act, also requires institutions that offer oncampus housing to provide certain fire statistics and other information about fire safety. This information is available from the Division of Public Safety at 215.898.7297, or
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The information in this publication is current as of July 2015.
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