How it Works

Your biggest challenge at Penn shouldn't be paying for it. About half of our students receive financial aid, and while the process for applying for aid can be a little daunting, we're here to walk you through it! Here's the main thing you should know: Penn meets 100% of demonstrated financial need with grants and work-study funding. 46% of undergraduate students received need-based financial aid in 2023-2024, with an average package of $66,222: more than the cost of tuition.

How Do You Apply for Financial Aid?

To apply for financial aid, you’ll need to submit a separate application for financial aid in addition to your application for admission. All financial aid applicants need to submit: 

  • CSS Profile 
  • Federal Tax Returns or Tax Return/Income Statement from your country 

If you are a domestic student (defined as a citizen or permanent resident of the United States) you will also need to submit: 

  • FAFSA (Free Application for Federal Student Aid) 

For more information, please review the financial aid application process checklist and deadlines. 

How is Your Financial Aid Calculated?

Financial aid at Penn is awarded based on financial need. The Student Registration and Financial Services (SRFS) office uses the documents above to calculate your Expected Family Contribution (EFC) towards the cost of attendance. Your EFC is unique to you and your family. Once your EFC is calculated, your financial aid package is based on a simple formula: 

Total Cost of Attendance – Expected Family Contribution = Your Financial Need 

Your financial need is what determines the dollar amount of your financial aid package—which is made up of grants and work-study opportunities. It’s important to note that Penn, like many private institutions that offer need-based aid, has its own institutional methodology for determining financial need, which is different from the federal government’s methodology. This means the number Penn generates for your EFC will likely be different from the one you see after filling out your FAFSA. 

Learn more about how we determine your financial need

Financial Aid for Your Four Years

Penn commits to meeting full demonstrated need for four years or eight semesters for all admitted students. If your family’s financial circumstances remain the same, financial aid remains similar; if circumstances change during the year (such as a parent losing a job or a sibling entering or leaving college), your financial aid package may be adjusted.  

Most students receiving financial aid must reapply for financial aid each academic year so we can best assess and meet your current level of need. Admitted students who are packaged as highly aided in their first year only need to submit a FAFSA each subsequent year, rather than a full application. International highly aided students do not need to submit anything after their first year!

Our Financial Aid Office is Here to Help

We know understanding your financial aid eligibility is an important part of planning your future. We also know it can be a little overwhelming to navigate. Dedicated financial aid counselors are standing by to help you. 

Please contact the Student Registration & Financial Services (SRFS) Student Service Center with your questions.