44.6% of undergraduate students received grant-based financial aid in 2021-2022 with an average package of $61,425 – which is greater than the cost of tuition.
That’s right – Penn’s “cost of attendance” or “sticker price” can be very different from your actual cost. Penn’s grant-based aid program helps students and families from a broad range of economic backgrounds. We assess need based on much more than just family income and consider a family’s full financial situation. Your price is personal to you.
Students with family incomes less than $75,000* receive financial aid packages that cover tuition, fees, housing and dining. They are also eligible for additional benefits like laptop funding and funding for summer courses and summer research and internship experiences
Students with family incomes up to $140,000* receive aid packages that cover at least tuition
Students with family incomes greater than $140,000* who are eligible for aid receive average aid packages that are greater than half of tuition
*With typical assets. Typical assets can be defined as having a relative amount in cash and/or savings, checking, and investments. Assets also include home equity (the value of your primary home), other real estate equity owned by your immediate family (secondary to your primary home), and business equity (the value of a business owned by your parents).
If you’re interested in applying for financial aid at Penn, you’ll need to submit a financial aid application separately from your application for admission. We’ll look through the documents you submit to calculate your expected family contribution and determine your aid package from there. The make-up of a financial aid package is based on a simple formula:
Cost of Attendance - Expected Family Contribution = Financial Need
What does it all mean?
Cost of Attendance tuition, fees, housing, dining, transportation, books, and personal expenses
Expected Family Contribution how much Penn expects you and your family to contribute to your studies
Financial Need how much Financial Aid Penn will provide
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. This means the number Penn generates for your EFC will likely be different from the one you see after filling out your FAFSA.
You can estimate your aid eligibility by using tools like MyIntuition and Penn’s Net Price Calculator. These can give you a general idea of what to expect, but are only as accurate and complete as the information you enter! These tools can also be less accurate for families with complex financial situations or atypical assets.
The MyinTuition tool will provide you with a ballpark estimate of your net cost to attend Penn based on six simple questions. Note that this tool currently only works for students from the United States.
Net Price Calculator
If you have more time and access to more financial records, you can use the Penn Net Price Calculator, which we offer in partnership with the College Board. For the most accurate estimate, you will want to gather student and parent tax returns, earning statements, bank and investment statements, and records of any untaxed income before beginning.
Penn cannot provide a fully accurate assessment of your aid eligibility until you are admitted and formally apply through the financial aid process.