Locust Street on the campus of the University of Pennsylvania

More Financial Aid Coming To Penn

Last year, the University of Pennsylvania expanded their financial aid program to aid lower-income families through their Penn Frist Plus initiative. This year, they’re focusing on improving aid for the middle class through a new initiative.

Penn’s new Quaker Commitment will grant full-tuition scholarships to more of their students than before. This initiative isn’t just for freshmen – all of their undergraduates are eligible. What’s better is the initiative is effective immediately and already positively impacting over 900 current Penn students.

The most significant change is that the school has stopped considering the value of a student’s family home in determining financial aid eligibility. This means students can now qualify for up to $200,000 in aid, rather than being limited to $140,000.

“This bold new initiative expands financial aid for more families in alignment with our commitment to have Penn’s financial aid package meet 100% of families’ demonstrated need with no loans,” said Penn’s President J. Larry Jameson.

The school’s main goal is to reduce the need for student loans for more students which is always welcome, especially given the recent FAFSA calculation issues. Right now, nearly half of Penn’s undergrads are receiving financial aid – $70,579 on average, which covers about 76% of the cost.

“Penn is reaffirming its commitment to the core principle that a world-class education can be affordable to students from all backgrounds, not just those from lower-income backgrounds or those who are able to pay full price,” said Mark Dingfield, VP for finance and treasurer. “We are updating these policies because it is the right thing to do for our students and their families.”