Penn expands financial aid for middle income families

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class="site-nav-event__through">Through</p> <p class="site-nav-event__date">11/26</p> </div> <div class="site-nav-event__text"> <a class="site-nav-event__link" href="/events/biometric-screenings-2024" tabindex="0"> <h3 class="site-nav-event__head"> <span>Biometric Screenings 2024</span> </h3> <div class="site-nav-event__img-container"> <img loading="lazy" src="/sites/default/files/styles/event_small/public/2022-09/biometric-screening-teaser.jpg?h=2e5cdddf&itok=sKsyj8ox" alt="Person getting their blood pressure checked." /> </div> <div class="site-nav-event__dek"> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__items"> <div class="field__item">The Division of Human Resources invites Penn faculty and staff to participate in free biometric screening for blood pressure, glucose, and lipids. Upon completion, participants can earn $75 in Pulse Cash rewards. </div> </div></div> <p class="site-nav-event__time">9:00 a.m. - 2:00 p.m.</p> <p class="site-nav-event__location">Various locations</p> </a> </div> </article> </div> <div class="site-nav__event"> <article class="site-nav__event-content"> <div class="site-nav-event__date-container"> <p class="site-nav-event__date">12/3</p> </div> <div class="site-nav-event__text"> <a class="site-nav-event__link" href="/events/inquisitions-inquisitor" tabindex="0"> <h3 class="site-nav-event__head"> <span>The Inquisition's Inquisitor </span> </h3> <div class="site-nav-event__img-container"> <img loading="lazy" src="/sites/default/files/styles/event_small/public/2019-03/p-100538-master-v1-011x-ww.jpg?h=56d0ca2e&itok=oGs39KG0" alt="students at the lea library kislak center researching walt whitman" /> </div> <div class="site-nav-event__dek"> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__items"> <div class="field__item">Penn Libraries celebrates the publication of the first comprehensive biography of Henry Charles Lea, whose library, including the physical space, and papers reside in the Kislak Center. A talk will take place by Richard L. Kagan, author of “The Inquisition’s Inquisitor: Henry Charles Lea of Philadelphia.”</div> </div></div> <p class="site-nav-event__time">5:30 p.m. - 7:30 p.m.</p> <p class="site-nav-event__location">Van Pelt-Dietrich Library, 3420 Walnut St.</p> </a> </div> </article> </div> <div class="site-nav__event"> <article class="site-nav__event-content"> <div class="site-nav-event__date-container"> <p class="site-nav-event__date">12/4</p> </div> <div class="site-nav-event__text"> <a class="site-nav-event__link" href="/events/lorraine-beitler-lecture" tabindex="0"> <h3 class="site-nav-event__head"> <span>Lorraine Beitler Lecture</span> </h3> <div class="site-nav-event__img-container"> <img loading="lazy" src="/sites/default/files/styles/event_small/public/2022-09/Van_Pelt-Dietrich_Library_Center_-_IMG_6589.jpeg?h=84071268&itok=6wR3ApY1" alt="Exterior of Van Pelt Library under autumn leaves." /> </div> <div class="site-nav-event__dek"> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__items"> <div class="field__item">Maurice Samuels, a professor of French at Yale, delivers the Lorraine Beitler Lecture, about Jewish reactions to the Dreyfus Affair in different national contexts. </div> </div></div> <p class="site-nav-event__time">5:30 p.m.</p> <p class="site-nav-event__location">Van Pelt-Dietrich Library, 3420 Walnut St.</p> </a> </div> </article> </div> <div class="site-nav__event"> <article class="site-nav__event-content"> <div class="site-nav-event__date-container"> <p class="site-nav-event__date">12/6</p> </div> <div class="site-nav-event__text"> <a class="site-nav-event__link" href="/events/rocky-date-night" tabindex="0"> <h3 class="site-nav-event__head"> <span>Rocky Date Night</span> </h3> <div class="site-nav-event__img-container"> <img loading="lazy" src="/sites/default/files/styles/event_small/public/2020-10/Penn%20Ice%20Rink_2.jpg?h=46fe20cd&itok=G_7Z4Hme" alt="" /> </div> <div class="site-nav-event__dek"> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__items"> <div class="field__item">Penn Ice Rink hosts a Rocky-themed night of skating with a speed-skating dating hour, a Rocky and Adrian lookalike contest, and food and drink. Penn students receive half-price tickets.</div> </div></div> <p class="site-nav-event__time">7:00 p.m. - 10:00 p.m.</p> <p class="site-nav-event__location">Penn Ice Rink, 3130 Walnut St.</p> </a> </div> </article> </div> </div> </div> <div class="menu__close-bar"> <button class="js-menu-toggle menu__close"> <span class="visually-hidden">Close</span> <svg class="menu__close-icon" xmlns="http://www.w3.org/2000/svg" width="25" height="25" viewBox="0 0 25 25"> <polygon fill="#000127" fill-rule="evenodd" points="40.712 455.057 51.114 465.459 49.459 467.114 39.057 456.712 28.655 467.112 27 465.457 37.402 455.057 27.002 444.655 28.658 443 39.057 453.402 49.459 443 51.114 444.655" transform="translate(-27 -443)" /> </svg> </button> </div> </div> <header class="header-condensed header-condensed--article"> <div class="menu__wrapper"> <div class="menu__content"> <button class="search-bar__open js-search-bar-toggle" name="Searchbar Toggle" title="Search"> <span class="visually-hidden">Open Search 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class="article-nav__progress"> <div class="article-nav__progress-bar js--progress-bar"> <span class="visually-hidden" aria-label="Article Reading Progress"></span> </div> </div> <div class="search-bar search-bar--condensed"> <form role="search" class="search-bar__header-form"> <fieldset class="search-bar__wrapper"> <input id="search-bar--condensed-input" type="search" placeholder="Search the site" class="js-search-bar-input search__header-input"> <label for="search-bar--condensed-input" class="visually-hidden">Search</label> <button type="submit" class="js-search-bar-button search-bar__header-icon"> <p class="visually-hidden">Search Icon</p> <svg class="search__header-svg" xmlns="http://www.w3.org/2000/svg" width="33" height="33" viewBox="0 0 33 33"> <path fill="#000127" fill-rule="evenodd" d="M1305.99318,316.019425 C1309.10677,316.019425 1312.01799,314.966024 1314.36394,313.226228 L1322.12809,321 L1325,318.124526 L1317.23585,310.391651 C1318.97511,308.042878 1320.02559,305.169186 1320.02559,302.010522 C1320.02559,294.276027 1313.75733,288 1306.03241,288 C1298.30911,288 1292,294.317328 1292,302.010522 C1292,309.703717 1298.30951,316.019425 1305.99318,316.019425 Z M1306,292 C1311.52882,292 1316,296.471181 1316,302 C1316,307.528819 1311.52882,312 1306,312 C1300.47118,312 1296,307.528819 1296,302 C1296,296.471181 1300.51264,292 1306,292 Z" transform="translate-1292 -288"/> </svg> </button> </fieldset> </form> </div> </header> <main id="content" role="main"> <div class="page"> <div data-drupal-messages-fallback class="hidden"></div><article class="article"> <div class="article__wrapper"> <div class="article__header-wrapper"> <section class="article__header"> <span class="article__category"> <p class="simple-tease__category"> <a href="/topic/campus-and-communiity" class="simple-tease__category__link"> Campus & Community </a> </p> </span> <div class="article__title"> <h1 class="article__h"> <span>Penn expands financial aid for middle income families </span> </h1> <h2 class="article__subhead"> The initiative expands Penn’s long-standing commitment to need-based financial aid, guaranteeing no-loan financial aid packages to eligible students and families since 2008. </h2> </div> </section> </div> <div class="article__content-wrapper"> <div class="article__featured-img"> <figure class="img-container img-container--full-width"> <img loading="lazy" src="/sites/default/files/2024-11/colleg-hall-middle-income-main-teaser.jpg" alt="Penn’s College Hall" /> <figcaption class="caption"> Penn’s new Quaker Commitment, which increases financial aid packages, affect all aid-eligible undergraduate students, not just entering first-year students. </figcaption> </figure> </div> <div class="article__content"> <section class="article__body"> <p class="p1">The University of Pennsylvania today announced the Quaker Commitment, a sweeping new financial aid initiative designed to support families from middle-income backgrounds by increasing financial aid packages and guaranteeing full tuition scholarships to a greater number of students.</p><p class="p1">Effective in the 2025-26 academic year, Penn will no longer consider the value of the primary family home among assets in determining the amount of financial aid eligibility and will raise the income threshold for families eligible to receive full tuition scholarships from $140,000 to $200,000 with typical assets.</p><p class="p1">“This bold new initiative expands financial aid for more families in alignment with our commitment to have Penn’s financial aid package meet 100% of families’ demonstrated need with no loans,” says <a href="https://president.upenn.edu/meet-president">Penn Interim President J. Larry Jameson</a>. “We are proud to launch the Quaker Commitment building on the University’s commitment to opportunity and long-standing leadership in undergraduate financial aid.”</p><p class="p1">These initiatives affect all aid-eligible undergraduate students, not just entering first-year students. About 46% of Penn’s 10,000 undergraduate students currently receive aid. The average aid package of $70,579 currently covers 76% of the total cost of attendance. By comparison, the average aid package covered 57% in 2008 when Penn’s no-loan financial aid policy was first introduced.</p><p class="p1">Penn is one of only a handful of universities to exclude home equity when determining a student’s Expected Family Contribution—the amount they are asked to pay—using financial information submitted by the family. This is expected to impact about 900 currently enrolled students with an average increase in grant aid of about $4,000. The higher income threshold for middle-income families is expected to increase packages by an average of $10,000 for an additional 180 students.</p><p class="p1">The Quaker Commitment builds on last year’s expansion of Penn’s financial aid program and the <a href="https://pennfirstplus.upenn.edu/"><span class="s1">Penn First Plus</span></a> initiative for lower-income families. In 2023, Penn announced that beginning with the 2023-24 academic year students whose families made $75,000 or less with typical assets—up from $65,500 in 2022-23—would receive financial aid packages that fully covered tuition, fees, housing, and dining with grants and work-study funds. This increase affected about 200 students who saw their aid packages increase by an average of $16,000 in grant funding each.</p><p class="p1">The new program is the latest step in Penn’s effort to widen access for students from all economic backgrounds while specifically responding to the needs of middle- and upper-middle income families.</p><p class="p1">“Penn is reaffirming its commitment to the core principle that a world-class education can be affordable to students from all backgrounds, not just those from lower-income backgrounds or those who are able to pay full price,” says <a href="https://www.finance.upenn.edu/about/">Mark Dingfield</a>, vice president for finance and treasurer. “We are updating these policies because it is the right thing to do for our students and their families.”</p><p class="p1">“The Quaker Commitment is designed specifically for the middle-income families we hear from who, even after receiving a need-based financial aid package with no loans, still face difficulty in meeting their expected family contribution,” says <a href="https://srfs.upenn.edu/person/elaine-varas">Elaine Varas</a>, senior university director of financial aid. “These new initiatives will help close that gap for these families to make it easier for them to commit to Penn and ease their financial pressures.”</p><p class="p1">The initiative, estimated to cost approximately $6 million annually, will be funded institutionally with the expectation that donor endowed funds will be sought to provide sustained support for these increases in financial aid.</p> </section> <aside class="article__authors"> <div class="author-credits"> <div class="author-credits__section"> <dt class="author-credits__dt"> <h4 class="author-credits__h">Credits</h4> </dt> <dl class="author-credits__dl"> <ul class="author-credits__list"> <li class="author-credits__list-item"> <span class="author-credits__text"> <a class="author-credits__link" href="/people/amanda-mott">Amanda Mott</a> </span> <span class="author-credits__title">Media Contact</span> </li> <li class="author-credits__list-item"> <span class="author-credits__text"> <a class="author-credits__link" href="/people/eric-sucar">Eric Sucar</a> </span> <span class="author-credits__title">Photographer</span> </li> </ul> </dl> </div> <div class="author-credits__section"> <dt class="author-credits__dt"> <h4 class="author-credits__h">Date</h4> </dt> <dl class="author-credits__dl"> <span class="author-credits__text"> <div class="field field--name-field-date field--type-datetime field--label-hidden field__items"> <div class="field__item"><time datetime="2024-11-19T12:00:00Z">November 19, 2024</time> </div> </div></span> </dl> </div> <div class="author-credits__section"> <dt class="author-credits__dt"> <h4 class="author-credits__h">Subtopics</h4> </dt> <dl class="author-credits__dl"> <ul class="article__topics-list"> <li class="article__topics-list-item"> <a href="/subtopic/financial-aid" class="article__topics-link">Financial 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