Just the facts
You can afford Penn.
financial aid Information 2011-2012
A Few Simple Ideas
Benjamin Franklin founded Penn on the idea that all the best minds
should have access to the finest education, regardless of their families’
ability to pay. To achieve this, Penn:
• Practices need-blind admissions,
• Meets 100 percent of demonstrated financial need for four
years, and
• Provides a no-loan aid package for undergraduates who
receive financial aid.
Penn stands out as one of a very small number of universities that do
not include loans as part of their aid packages. Penn makes it possible
to graduate debt-free.
Because each family’s situation is unique, it is difficult to know for sure
how much financial aid you might be eligible to receive until you
actually apply for aid. That being said, here’s what aided freshmen
entering in September 2011 are receiving:
Aided Freshmen by Family Income: Class of 2015
(entering September 2011)
Family Income
Number of
Aided Students
Median
Annual Awards
Percent of Applicants
Offered Aid
$0–39,999
165
$57,310
100%
$40,000–69,999
182
$51,870
97%
$70,000–99,999
176
$46,680
98%
$100,000–129,999
168
$37,690
90%
$130,000–159,999
145
$30,490
91%
$160,000–189,999
80
$28,630
44%
$190,000 and up
83
$18,010
29%
Many factors other than income are considered. Therefore, individual awards vary based on individual
circumstances. Additionally, 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.
Penn founder Benjamin Franklin was 17 when he arrived
in Philadelphia—penniless but with the intellect and
aspiration to improve his life and the community.
Now, 288 years later, the University he founded remains
dedicated to helping the most promising 17-year-olds
make their contribution to the global community.
Things You Should Know about Financial Aid at Penn:
We Meet 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 more than $149 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.
Financial Aid Glossary
Aid package: The amount of financial
assistance you receive. A Penn package
includes grants and a work-study job.
Educational expense budget (“sticker
price”): Also known as the Cost of Attendance,
Penn’s is $57,360 for 2011-2012.
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 and both federal
and some state governments.
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.
Net price calculator: An online tool to estimate
your annual expected family contribution.
Estimates will vary by institution.
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.
How Aid Is Determined
Financial aid is awarded on the basis of
financial need, which is the difference between
Penn’s educational expense budget (the sticker
price) and the amount your family is expected
to pay (your expected family contribution).
Educational Expense Budget
– Expected Family Contribution
Financial Need
Penn’s Office of Student Financial Services
determines the family contribution by
individually reviewing 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)
Penn reviews all aid applications
individually, in many cases calculating a lower
family contribution than the one determined
by federal methodology. Generally, financial
information from both parents is used to
determine financial need, even if they are
divorced or separated.
Once the family’s financial contribution has
been determined, Penn awards an aid package,
a pledge of financial support from Penn that
typically includes grants and a work-study job.
Unlike most other universities, there are no
loans in a Penn aid package.
International Students
The University provides over $8 million each
year 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.
Looking Beyond the Sticker Price
Because Penn dedicates more resources to aid
than most schools, the net price of attending
Penn could be no more than what your family
would pay to send you to a public university.
Note that in the example to the right, the net
price to the family is the same at both schools
(and is actually lower at Penn when including
the other school’s student loan).
The Sticker Price:
Penn’s 2011-2012 Educational
Expense Budget
Tuition and fees
Housing
The Net Price Comparison:
Penn vs. Public University
This is one example,
based on a particular
family’s financial
situation. Family
contributions can range
from $0 to more than
$50,000, depending
on each family’s
specific circumstances.
Financial aid package:
$47,860
Grant: $44,660
Financial aid package:
$14,500
$42,098
Grant: $5,800
$7,592
Work study: $3,200
Meals
$4,286
Books
$1,160
Personal expenses
Total
$38,584
Average financial aid
package for incoming
awarded freshmen
in 2011.
$2,224
$57,360
Student loan: $5,500
Work study: $3,200
Expected family
contribution:
$9,500
Penn sticker price:
$57,360
=
Expected family
contribution:
$9,500
Public U sticker price:
$24,000
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 adjusted.
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’ll need an education like the one you’ll
receive at Penn.
Some Facts to Keep in Mind
•92 percent of students graduate from
Penn in four years.
•14,000+ interviews are conducted annually
on campus in Career Services.
•75 percent of Penn graduates earn an
advanced degree within 10 years.
•The average salary for College of Arts and
Sciences graduates five years after
graduating is $79,743 (Class of 2004).
•Penn ranks seventh on Kiplinger’s Best
Values in Private Universities.
•83 percent of students in the class of 2010
interned during their undergraduate career.
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.
Nicole
Nicole’s father is deceased, and her mother
earns a modest income to help support a
family of four. Her mother’s total annual
income, including social security benefits for
the younger children, amounts to $35,000. The
total family contribution is $50.
Eric
Eric lives with his parents and younger sister.
His parents’ combined income is $155,000; they
own a home with $210,000 in equity and have
savings of $25,000. Penn expects Eric’s parents
to contribute $29,900 and Eric to contribute
$2,400 from his summer earnings. The total
family contribution is $32,300.
Eric’s sister is uncertain about her college plans
for next year. If she attends a school with costs
similar to Penn’s, and if the family’s financial
situation remains similar, Penn will expect Eric’s
parents to contribute $19,250 and Eric, $2,400.
The total family contribution would be $21,650.
With One Child in College
Penn’s sticker price
$57,360
$57,360
Eric’s family contribution
$32,300
Nicole’s family contribution
$50
Eric’s financial aid award
$25,060
Nicole’s financial aid award
$57,310
Penn’s sticker price
Morgan
Morgan lives with her parents and younger
brother. Her parents’ total income is $88,000.
The family has $135,000 in home equity
and $12,000 in savings. Penn calculated that
Morgan’s parents could contribute $10,800
to her education for the current year. Morgan
is expected to contribute $2,400 from her
summer earnings. The total family
contribution is $13,200.
Penn’s sticker price
$57,360
Morgan’s family contribution
$13,200
Morgan’s financial aid award
$44,160
Net Price Calculator
Beginning in October 2011, Penn will provide
a net price calculator at www.sfs.upenn.edu.
Penn reviews all aid applications on an
individual basis rather than using a
calculator, 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.
With Two Children in College
Penn’s sticker price
$57,360
Eric’s family contribution
$21,650
Eric’s financial aid award
$35,710
Eric’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 can help spread costs over a
longer time period. Some students choose to
take out loans to help build their credit
ratings. See “Loans” at www.sfs.upenn.edu
for details.
The Penn Monthly Budget Plan allows you
to budget fall and spring semester expenses
over a 10-month period. You decide how
much to budget each year. Payments begin
in May and end in February.
HOW TO APPLY
The chart below lists the forms and applications you need when applying for Penn financial aid,
as well as submission deadlines.
Deadlines
Forms and Applications
Early Decision
Regular Decision
Transfers
Penn Financial Aid Supplement (PFAS)
11/1/2011
2/1/2012
4/15/2012
CSS/PROFILE
11/1/2011
2/1/2012
4/15/2012
Noncustodial PROFILE
11/1/2011
2/1/2012
4/15/2012
Parents’ and student’s 2010 federal
tax returns—all pages, schedules,
and W-2s, and/or a Tax ID Form
11/1/2011
2/1/2012*
N/A
Parents’ and student’s 2011 federal
tax returns—all pages, schedules,
and W-2s, and/or a Tax ID Form
3/1/2012
3/1/2012
4/15/2012
FAFSA
4/15/2012
4/15/2012
4/15/2012
* Note to Regular Decision Applicants: if your and your parents’ 2011 tax returns will be available by March 1, you do not need to
submit your 2010 tax returns.
TO LEARN MORE
Go to www.sfs.upenn.edu for
more information, including
application instructions, forms,
and deadlines. Click on the
“Prospective Undergraduates”
button. Or, type your question
directly into askBen at the top
of the page.
Starting in October 2011, look
for Penn’s new Net Price
Calculator on the Student
Financial Services website.
contact us
Student Financial Services
University of Pennsylvania
100 Franklin Building
3451 Walnut Street
Philadelphia, PA 19104-6270
Office of Admissions
1 College Hall, Room 1
Philadelphia, PA 19104-6376
Phone: (215) 898-1988
Fax: (215) 573-5428
Email: sfsmail@sfs.upenn.edu
Website: www.sfs.upenn.edu
Phone: (215) 898-7507
Email: info@admissions.upenn.edu
Website:
www.admissions.upenn.edu
Cover Photo: Tradition and celebration mark Hey Day at the end of
each spring semester. Members of the junior class wear “straw”
skimmers and carry canes as they march together down Locust
Walk to College Hall, where Penn’s president officially declares
them seniors.
The University of Pennsylvania values diversity and seeks talented students, faculty and staff from diverse backgrounds. The University of Pennsylvania does not
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
or in its employment practices. Questions or complaints regarding this policy should be directed to the Executive Director of the Office of Affirmative Action and Equal
Opportunity Programs, Sansom Place East, 3600 Chestnut Street, Suite 228, Philadelphia, PA 19104-6106; or (215) 898-.6993 (Voice) or (215) 898-7803 (TDD).
The Jeanne Clery Disclosure of Campus Security Policy and Campus Crime Statistics Act is a federal law that requires all colleges and universities to provide information on
their security policies and procedures and specific statistics for criminal incidents and arrests on campus to students and employees and to make the information and
statistics available to prospective students and employees upon request. The Uniform Crime Reporting Act requires all Pennsylvania colleges and universities to provide
information on their security policies and procedures to students, employees, and applicants; to provide certain crime statistics to students and employees; and to make
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
at http://www.publicsafety.upenn.edu/clery_report.asp.
NCSDO U37040 7/11
Cover Photo Credit: Dave Toccafondi