Financial Aid for Supporters
Sending someone you love to college is exciting. But then there’s the big question – how will you pay for it? Fortunately, Penn meets 100% of demonstrated need for admitted students—because finances shouldn’t prevent anyone from getting the best education possible.
The best place to get the most up-to-date information about financial aid at Penn is our Student Registration and Financial Services website. We know financial aid can be complex to navigate, so Student Financial Aid offers dedicated Financial Aid Counseling throughout a student’s time at Penn. We’ve condensed some of the key things families and supporters need to know about financial aid below!
Terminology
Penn is need-blind for domestic students. That includes citizens and permanent residents of the U.S., Mexico, and Canada. That means that financial aid need does not impact our admissions decision! In fact, our application for financial aid is separate from our application for admission, so it really doesn’t play a role in our decision. Thanks to substantial financial aid funding, we simply don’t consider students’ ability to pay when reviewing applications.
However, Penn is need-aware for international students. That includes students who are not citizens or permanent residents of the U.S., Mexico, or Canada, and means we do consider your ability to pay when reviewing your application. For this reason, international applicants who have the means to pay for their education are encouraged not to apply for financial aid.
When applying for financial aid at Penn, students are required fill out a separate application. This application provides us with information that helps us understand their financial situation and level of need.
With this information, we determine how much we can expect a family to pay towards a student’s education (the Expected Family Contribution, or EFC). If Penn’s Cost of Attendance is greater than a student’s Expected Family Contribution, the difference is your demonstrated need! It’s a simple formula:
Cost of Attendance - Expected Family Contribution = Demonstrated Need
We know a big concern families have is acquiring student loans.
Student Financial Services awards multiple fund types and sources to meet your demonstrated financial need. The best part about Penn’s financial aid awards is that they are made up of grants and work-study funds you don’t have to pay back! While you may choose to supplement your aid package with loans, no part of the aid you receive from Penn needs to be repaid.
Work-study is a common component of financial aid packages at Penn. Students who are awarded work-study apply for and work at an approved on- or off-campus job. Students receive paychecks from their work which are intended to be used to pay for some of the indirect expenses related to their education.
How Does It Work?
- Students who are applying for financial aid will need to submit a separate application, along with required forms and documents
- Students who applied for aid and who are admitted to Penn will receive a preliminary estimate of their financial aid package along with their offer of admission. Please note, students who submit documents after our financial aid deadlines may experience delays in receiving this information.
- Your aid award covers an entire year at Penn. Half of the award will disburse in the Fall to be applied to that semester’s bill, and the other half will be disbursed in the Spring.
- Students will be required to re-apply for financial aid each year so our Financial Aid team can best assess and meet the student’s current needs.
Documents
As a supporter, there are a few documents you will be asked to provide.
- Federal Tax Returns
- Free Application for Federal Student Aid (FAFSA)
- College Scholarship Service (CSS) Profile
For International Applicants, we require slightly different documents.
Estimating Cost
We understand that you may want to have a sense of the amount of aid your student will be eligible for before applying. 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.
MyinTuition
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.
Highly Aided Students
As part of our commitment to make Penn accessible to all students, we are proud to offer comprehensive financial aid packages for our students with the greatest financial need. Students whose families have an income of up to $75,000 (with typical assets) are considered “highly aided.”
Highly aided students are eligible for a robust aid package including:
- Parent contribution of $2,000 or less
- Fully covered tuition, fees, housing, and dining
- Work-study
- Dedicated counselors
- Summer internships and research
- Health insurance
- Laptop
- Study abroad funding
- Emergency funding
- And more!