Class of Paying for a Penn Education A Financial Resource Guide. An investment in knowledge always pays the best interest.

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1 Paying for a Penn Education A Financial Resource Guide Class of 2015 An investment in knowledge always pays the best interest. Benjamin Franklin Student Financial Services

2 For Your Convenience... PennPlan online Select My PennPlan online An online financial planning tool askben A 24/7 question and answer tool

3 Congratulations on your admission to Penn! On behalf of Student Registration and Financial Services, welcome to the University of Pennsylvania. We know that paying for college can be complicated, and designed this booklet to help you with your financial decisions. We also offer PennPlan online, an interactive financial planning tool that allows you to review expenses, consider resources, and calculate monthly payments. Lastly, the Student Financial Services (SFS) website contains detailed student financial information and features askben, which is available 24/7 to answer your general questions. Please contact us if you have further questions. We look forward to helping you pay for your Penn education. Sincerely, Valerie Sandillo Senior Director Student Financial Services Center 100 Franklin Building 3451 Walnut Street Philadelphia, PA Fax

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5 Table of Contents Educational Expense Budget How to Pay for Your Penn Education Available Resources Payment Plans (Penn Monthly Budget and Tuition Prepayment) A Word About Loans Worksheet Comparison Chart for Payment Plans and Loans Receiving and Paying Your Bill MUST DO List FERPA and Non-Discrimination Statement How to Contact Student Financial Services Useful Telephone Numbers & Addresses Back Cover Paying for a Penn Education - A Financial Resource Guide - Class of 2015

6 Budget Educational Expense Budget Educational Expense Budget Living On/Off Campus (Resident) Living at Home with Family (Commuter) Tuition and Fees $ 42,098 $ 42,098 Housing 7,592 0 Meals 4,286 2,038 Books 1,160 1,160 Personal Expenses 2,224 2,224 TOTAL $ 57,360 $ 47,520 Tuition and fees are fixed expenses and include the general fee, recreation fee, and the educational technology fee. The housing allowance is based on the median room rate in the University College Houses. To stay within budget, reserve your room by the Penn Housing deadline. The meal allowance represents the cost of one of the first year dining plans through Penn Dining. If you live at home with your family, an allowance for meals away from home is included. Personal expenses include allowances for clothing, laundry, telephone, and recreation, as well as the student health clinical fee. Other Expenses Other expenses not included in the educational expense budget are: the New Student Orientation fee, laboratory fees for certain courses, and the College House fee if you live in College Housing. (For an explanation of fees, see our website). Travel expenses, and student health insurance if you are not insured through your parents plan, should also be considered. Student Health Insurance: As a condition of enrollment, all full-time students must submit health and immunization records, maintain coverage for out-patient medical care through the Student Health Service, and health insurance coverage for in-patient and catastrophic care. Students who do not provide information about their health insurance coverage (or whose current coverage does not meet Penn's requirements) will be automatically enrolled in the Penn Student Insurance Plan (PSIP). The PSIP cost for is not yet available; last year s cost for an unmarried student with no dependents was $2,808. Details are available at the Student Health Service website: 1 Paying for a Penn Education - A Financial Resource Guide - Class of 2015

7 Resources How to Pay for Your Penn Education As with most major investments, like homes or cars, it is easier to assess affordability after you determine the down payment and convert the balance into a monthly payment. To begin your financial planning, we offer these guidelines: 1. Estimate your total costs, using the Educational Expense Budget and other expenses listed on page Assess your available resources. We listed some ideas below. 3. Complete the worksheet on page Review the payment plans and loans on pages 3 through 6. Available Resources Parents Savings and Other Assets Your family is the first and most important resource in paying for your education. Payment plans or loans enable your family to distribute available assets over your academic career. Gifts from Relatives Is there a grandparent or other relative willing to invest in your education by means of either an outright gift or low-interest loan? Consult a financial planner to review the financial advantages and tax consequences. Student Resources Summer of 2011 Employment Savings from your summer earnings is an important resource. Academic-Year Employment Many students obtain academic year employment in the Philadelphia area or on campus. Visit for information on non-work-study jobs. Non-Wage Income Examples are interest, dividend or trust income. Federal Direct Loan This a low-interest federal student loan for U.S. citizens and permanent residents. The maximum amount you can borrow for your freshman year is $5,500, and repayment can be deferred until you leave Penn. See page 5 for details. Outside Scholarships/Employer Assistance Scholarships are often available from outside sources. Check with your parents employers, your high school, fraternal organizations, and other local groups. Learn more about outside scholarships at and Paying for a Penn Education - A Financial Resource Guide - Class of

8 Plans Payment Plans and Loans Payment Plans Penn offers the Penn Monthly Budget Plan which allows you to budget yearly expenses over 10 months without interest. We also offer the Tuition Prepayment Plan, which freezes tuition and fees at the current rate. See additional information on pages 5-6. Payment Plans and Loans Parents Penn Monthly Budget Plan Tuition Prepayment Plan Federal Direct PLUS Loan Student Federal Direct Loan A Word About Loans Federal Loans If you choose to finance, federal loans (Direct Loan for students and the Direct PLUS Loan for parents) should be your first choice. They generally offer lower interest rates and fees, as well as loan consolidation and flexible repayment options. Note that parent loans usually require immediate repayment, while a federal student loan defers repayment until after you graduate. You must be a U.S. citizen or permanent resident to borrow a federal loan. Alternative Educational Loans A number of private lenders and other financial institutions offer education loans to students. These loans may carry higher interest rates and fees than federal loans. A co-signer is usually needed. If you think you need an alternative loan, visit our website at for more information. Home Equity Loans or Lines of Credit These are secured by home equity and can offer tax advantages and longer repayment schedules. Consumer Education Loans These are marketed by lenders who by-pass the schools, mailing information directly to you and your family. These are generally the least desirable loan products. For More Information We urge you to be cautious about borrowing and educate yourself about educational loans and repayment. In addition to the SFS website, these websites are helpful: and 3 Paying for a Penn Education - A Financial Resource Guide - Class of 2015

9 Worksheet Worksheet Two columns are provided to outline different scenarios for the upcoming year. Or, use an interactive worksheet on PennPlan online at Educational Expense Budget for the Academic Year Option 1 Option 2 Tuition and Fees $ 42,098 $ 42,098 Housing 7,592 $ Meals 4,286 $ Books 1,160 $ Personal Expenses 2,224 $ Travel $ $ Other: + + Total Expense Budget 1. $ $ Available Resources (excluding parents income) Parents savings and assets Total $ $ $ Gifts from relatives Total $ Student s savings and assets Total $ Student resources Summer of 2011 employment Academic-year employment Income from dividends, interest, or trust account Outside Scholarships Federal Direct Loan ($5,500 maximum for freshmen) Other: Total Available Resources 2. $ $ Total Expenses calculated above (#1) $ $ Subtract Total Available Resources above (#2) Balance $ $ You may choose to convert the balance into a monthly payment, using one or more of the programs outlined on pages 5-6. To estimate monthly payments, log on to PennPlan online and use an interactive calculator. Paying for a Penn Education - A Financial Resource Guide - Class of

10 Payment Plans Comparison Chart StUdent FedeRAL direct LOAn eligibility U.S. citizen or permanent resident Enrolled at least half-time in degree program Grade Level Annual Maximum for dependent Students Annual Maximum for Independent Students* Limit on Subsidized Amount Freshman $5,500 $9,500 $3,500 Amounts Sophomore $6,500 $10,500 $4,500 Junior/Senior $7,500 $12,500 $5,500 Note: The annual maximum may not exceed Penn s educational expense budget less any other financial assistance you receive, including outside scholarships. Interest Rate Subsidized 3.4% for loans disbursed July 1, June 30, 2012 Interest is subsidized by the federal government during in-school period Unsubsidized 6.8% fixed Interest begins to accrue after first disbursement for unsubsidized loans, and may be paid quarterly while in school or capitalized Fees 1.0% origination fee less 0.5% rebate for a total of 0.5% Source U.S. Department of Education Repayment Subsidized Loans: Begins 6 months after graduation or withdrawal from the University May be deferred for graduate study and in certain other circumstances Graduated and income-sensitive options available Unsubsidized Loans: Begins 6 months after graduation or withdrawal from the University with the option to capitalize accrued in-school interest or begin interest payments while in school Graduated and income-sensitive options available Up to 10 year repayment term; may be extended through consolidation up to 25 years depending on the amount borrowed to Apply File a FAFSA by April 15 online at Submit a loan request in the Penn Loan System. Log in through the SFS homepage. (You must have a PennKey and password to apply online). Complete a Master Promissory Note and Entrance Counseling. Penn will contact you with instructions after your loan is processed. Recommended deadlines June 15, 2011** * Also available to dependent students whose parents have applied for a Federal Direct PLUS Loan and were not eligible. ** Deadlines are recommended in order to receive credit on your initial Fall Term bill. Applications are still accepted after these dates. Information is accurate at time of publication. Check our website for up-to-date information. 5 Paying for a Penn Education - A Financial Resource Guide - Class of 2015

11 Payment Plans Comparison Chart PARent FedeRAL direct PLUS LOAn tuition PRePAYMent PLAn Penn MOntHLY BUdGet PLAn eligibility U.S. citizen or permanent resident At least half-time No adverse credit history Any full-time Penn student Any Penn student Amounts Cost of education minus any financial aid $168,392 (Four times tuition and fees) You determine the amount each year Interest Rate 7.9% fixed rate None None Fees 4.0% less 1.5% interest rebate for a total of 2.5% None $75 plus an additional $50 for late enrollment (after May 22) Source U.S. Department of Education University of Pennsylvania University of Pennsylvania Repayment Begins 60 days after last academic-year disbursement of loan. Repayment of principal may be deferred until six months after student graduates, withdraws, or is less than half-time. Interest will continue to accrue. note: Repayment may be cancelled in the event of parent or student death or disability. One prepayment freezes tuition and fees for 4 years, thereby avoiding tuition and fee increases in subsequent years Over 10 months beginning May 1 to Apply File a FAFSA online at Complete a Federal Direct PLUS Loan application online at after May 1, Contact SFS to request a set of agreements budget-plan or Complete the enclosed enrollment form Recommended deadlines June 15, 2011* June 15, 2011* May 22, 2011* * Deadlines are recommended in order to receive credit on your initial Fall Term bill. Applications are still accepted after these dates. Information is accurate at time of publication. Check our website for the most up-to-date information. Paying for a Penn Education - A Financial Resource Guide - Class of

12 Your Bill Receiving and Paying Your Bill Penn.Pay Penn.Pay is Penn's electronic billing system through which you receive your student account bill. You can also review new daily activity and opt to pay your bills online, securely and efficiently. In order for your parents to access Penn.Pay, you must invite them to be other payers. Review the Penn.Pay section of the MUST DO List on page 8 for instructions. Receiving Your Bill You will receive paper billing statements for the first two months only (July and August) at the street address we have on record. In addition, billing statements will also be delivered to your University address, if it has been set up, and to any other addresses you provide on Penn.Pay. Beginning in September, only e-bills will be delivered. See the billing schedule below for details. Paying Your Bill There are several options for paying your bill: Online: Use Penn.Pay to schedule both the payment date and amount to pay from your checking or savings account. Accounts must be with a U.S. financial institution. Online: Use Penn.Pay and pay with your American Express Card. A 2% convenience fee will be assessed and will appear on your American Express billing statement. Note that Penn does not receive any compensation or portion of the convenience fee for providing American Express as a payment option. Check: Pay from a U.S. checking or savings account. Payment coupons must accompany your payment. Use the coupon on your billing statement, or print one from Penn.Pay. Wire Transfer: See the SFS website for details. In Person: Present your payment coupon and check to the University Cashier, located in the lobby of the Franklin Building, 3451 Walnut Street. Payment coupons are attached to the bottom of your billing statement. A late payment penalty of 1.5% of any past-due balance will be assessed monthly. A past-due balance may result in your student account being placed on financial hold which can restrict future registration, receipt of your diploma and transcript requests. Billing Schedule Bill Sent Due Date Bill Type Fall Term June 29, 2011 July 29, 2011 Paper and E-Bill Spring Term December 1, 2011 January 6, 2012 E-Bill ONLY All other monthly bills will be E-Bill ONLY (paper billing ends in August) 7 Paying for a Penn Education - A Financial Resource Guide - Class of 2015

13 MUST DO MUST DO List Note: To complete this list, you will need to authenticate yourself on Penn InTouch, using your secure PennKey and password. Your PennKey Setup Code and instructions will be mailed to you in May. q q q q Provide your EMERGENCY CONTACT information Penn s Department of Public Safety encourages you to provide personal emergency contact information for use with the UPENN Alert emergency notification system. Providing current information is the best way to ensure you will be reached in the event of an emergency. Partner with Penn by providing a phone number (preferably cell) where you can be reached. You may also register other contacts, such as parents, so University officials can communicate with them as well. From Penn InTouch, select Profile, privacy & emergency, then Emergency Contact to enter your information. Give Permission to Share Academic/Financial Information By federal law (FERPA), the University generally cannot discuss your academic or financial records with a third party, including your parents. To authorize Penn to share academic and/or financial data to a parent, guardian, sponsor or other third party, you must designate them explicitly. Read more about FERPA on the next page. From Penn InTouch, select Profile, privacy & emergency, then Share Academic/Financial Information. Setup PENN.PAY Users and Payment Accounts for your Student Bills Penn.Pay is Penn s electronic billing and payment system. As a student, you can access Penn.Pay with your Penn.Key. To enable others (such as parents) to also receive/pay your bill, you must invite them as an 'other payer'. From Penn InTouch, select Student Billing Account, then Paying Your Bill/Penn.Pay. Enroll in Direct Deposit As part of Penn s sustainability initiative, the University is phasing out paper checks. We strongly encourage all students to enroll in Direct Deposit, as many receive wages from a work study job, other campus employment or student account refunds. Direct Deposit ensures your funds will be deposited to your personal U.S. bank account. If you do not enroll in Direct Deposit, and subsequently earn wages or are eligible for a refund, payment will be made via a TotalPay Card (VISA debit card). To enroll in Direct Deposit, go to Penn InTouch, select Student Billing Account then Enroll in Direct Deposit. Paying for a Penn Education - A Financial Resource Guide - Class of

14 Statements Legal Statements FERPA The Family Educational Rights and Privacy Act (FERPA) is a federal law that protects the privacy of student education records. The law applies to all schools that receive funds under an applicable program of the U.S. Department of Education. Your educational information, both financial and academic, is yours regardless of who pays your educational expenses. The law requires that students provide written permission before we can share either financial or academic information with any third party, including parents or spouses. To stipulate with whom SRFS can speak about your student billing account and academic record, review "Share Academic/Financial Information" on the MUST DO List on page 8. Note: To access Penn InTouch, a secure site, you will first need to create a PennKey and password. A PennKey Setup Code will be mailed to you in May. Non-Discrimination Statement 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, sex, sexual orientation, gender identity, religion, color, national or ethnic origin, age, disability, or status as a Vietnam Era Veteran or disabled veteran in the administration of educational policies, programs, or activities; admissions policies; scholarship and loan awards; athletic or other University administered programs or employment. Questions or complaints regarding this policy should be directed to: The Executive Director Office of Affirmative Action and Equal Opportunity Programs 3600 Chestnut Street Suite 228, Sansom Place East Philadelphia, PA (voice) (TDD) LEARN MORE Have a Registration or Financial Question? askben in a Complete Sentence or Phrase Type your complete question here Submit Top 10 Penn.Pay Login: Students Other Payers Learn more about Penn.Pay Self-Service Loans Service Center Login to Penn Loan System About loans Entrance Interview Billing and Payment Options How to Pay Your Bill How to Read Your Billing Statement Biling Schedule Billing Contacts Monthly Budget Plan Student Refunds Didn t find what your need? - Click here for more self-service options SRFS MUST DO LIST PROSPECTIVE UNDERGRADUATES You Can Afford Penn Apply for Financial Aid PARENT S CORNER Helpful resources and information for Penn Parents 9 Paying for a Penn Education - A Financial Resource Guide - Class of 2015

15 SFS How to Contact Student Financial Services Website PennPlan online askben (select My PennPlan online ) An interactive, web-based financial planning tool A self-service question and answer tool available 24/7 sfsmail@sfs.upenn.edu Fax Phone Walk-in Service and Appointments Mailing Address Mailing Address for Outside Scholarships Room 100, Franklin Building 3451 Walnut Street Student Financial Services University of Pennsylvania 005 Franklin Building 3451 Walnut Street Philadelphia, PA Student Financial Services University of Pennsylvania 140 Franklin Building 3451 Walnut Street Philadelphia, PA Office Hours Monday, Wednesday, Thursday & Friday 19 am - 4:45 pm Tuesday 10 am - 4:45 pm ASSISTANT DIRECTORS STUDENT S LAST NAME STUDENT S LAST NAME A-Biy George Walker Leh-Max Sharon Scott Biz-Chm Jennie Doyle May-New Jason Cronk Chn-Dom Frank Banecker Nex-Pol Joe Chandler Don-Ger Silvia Hanks Pom-Scg Gerri Pettey Ges-Hic Sidney Picht Sch-Sup Dennis Drumm Hid-Kaw Nichole Moore Suq-War Will Ricksecker Kax-Leg Susan Sheahan Was-Z Karen McGettigan Attend Student Financial Services presentations at Penn Preview on April 7, 8, 11, 14, 15, and 18. Paying for a Penn Education - A Financial Resource Guide - Class of

16 Information Useful Telephone Numbers & Addresses Penn Websites Student Financial Services - Forms, general information, and askben, the SRFS 24/7 question and answer tool PennPlan online - An interactive, web-based financial planning tool Penn.Pay - Receive, view, and pay your bill online PennPortal - The window to Penn's resources including Penn InTouch, Penn Dining, College Houses, and other campus services. Penn InTouch - Select the Penn InTouch tab A secure gateway to your financial, academic and personal information. Access Penn InTouch after you matriculate and receive your PennKey Setup letter in May. PennKey - Your individual identity key that provides access to many of Penn s networked systems and services Office of the University Registrar - Transcripts, course offerings and descriptions, academic records University of Pennsylvania - Penn s website Penn Office or Website Phone Number Student Financial Services...sfsmail@sfs.upenn.edu Student Employment Office... Admissions... Penn Monthly Budget Plan...budgetplan@sfs.upenn.edu Student Health Insurance...shsinsur@pobox.upenn.edu Outside Penn Website Phone Number College Board CSS/PROFILE... FAFSA... Outside Scholarship Listings... or PHEAA... or (Pennsylvania Higher Education Assistance Agency) U.S. Department of Education ( ) or In support of Penn s commitment to reduce its carbon footprint, Student Financial Services has redesigned production of its printed materials. This booklet was printed using paper and ink that supports the highest social and environmental standards.