Financial Aid at Penn

A generous budget and inclusive aid policies make a University of Pennsylvania education accessible to talented students from the widest possible range of backgrounds. As you get to know Penn, keep the following in mind:

A Few Simple Ideas

Penn practices need-blind admissions for citizens and permanent residents of the United States, Canada, and Mexico, which means admissions decisions are not affected by a family’s ability to pay.  
All Penn aid is need-based. Penn, like all other Ivy League institutions, does not award merit-based or athletic scholarships. Instead, all aid is devoted to helping families who need financial assistance to afford Penn.
Penn financial aid packages include only grants, which means students are able to graduate debt-free. 
Penn commits to meeting full demonstrated need for four years and provides loan-free packages for eight academic semesters. If a family’s circumstances remain stable, financial aid remains relatively constant; if circumstances change during the year (such as a parent losing a job), a financial aid package will be adjusted.
There is no maximum income cutoff for eligibility for University financial aid. Factors such as family size, student income and assets, parent income and assets (including home equity but not retirement accounts), the number of children in college, and extenuating family circumstances (such as illness or loss of employment) are important considerations in determining financial need. 

Aided Freshmen by Family Income
Class of 2018 (entering August 2014)

Income                         Median Total Awards  Percent of Applicants Offered Aid
$0 - 39,999 $63,040 99%
$40,000 - 69,999 $59,888 99%
$70,000 - 99,999 $53,230 97%
$100,000-129,999 $45,255 99%
$130,000-159,999 $35,400 88%
$160,000-189,999 $29,240 93%
$190,000-$219,999 $25,380 67%
$220,000 and up* $21,355 18%

*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, owners of real estate other than their primary home, and divorced parents) are more likely to receive non-typical awards.