Your dreams. Our commitment.

Transcription

1 FINANCIAL AID INFORMATION FOR PROSPECTIVE STUDENTS AND THEIR FAMILIES Your dreams. Our commitment. Making an Ivy League education affordable.

2 Our Commitment The University of Pennsylvania: Practices need-blind admissions Meets 100 percent of demonstrated financial need for four years Provides an aid package that includes only grants and a work study job for undergraduates who receive financial aid, which often allows students to graduate debt-free AIDED FRESHMEN BY FAMILY INCOME: CLASS OF 2019 (entering August 2015) Family Income Median Annual Awards Percent of Applicants Offered Aid $0 39,999 $63,790 98% $40,000 69,999 $63, % $70,000 99,999 $56,770 99% $100, ,999 $49,550 96% $130, ,999 $41,720 97% $160, ,999 $37,075 94% $190, ,999* $30,220 84% $220,000 and up* $15,935 31% * Most who qualify have more than one child in college. Many factors other than income are considered. Therefore, individual awards vary based on individual circumstances. Families with non-typical financial situations (such as business owners, parents who are self-employed, owners of real estate other than their primary home, and divorced parents) are more likely to receive non-typical awards. Benjamin Franklin was 17 when he arrived in Philadelphia nearly penniless but with the intellect and aspiration to improve his life and the community. He founded Penn on the idea that all the best minds should have access to the finest education, regardless of their families ability to pay.

3 Things You Should Know about Penn THE VALUE OF A PENN EDUCATION We understand that the cost of an undergraduate education is expensive and a major commitment for you and your family. Given the changing economic landscape, families expect that their student will receive an education that prepares them for tomorrow s job market. You will need an education that is practical, powerful, and flexible one that will allow you to adapt and to thrive in any situation. You will need an education like the one you will receive at Penn. OUTCOMES OF OUR COMMITMENT Penn ranks in the top 10 on Kiplinger s Best Values in Private Universities. Penn has an aggregate undergraduate graduation rate of 96 percent. 11,500+ interviews are conducted annually on campus in Career Services. 73 percent of Penn graduates earn or pursue an advanced degree within 10 years. The average salary for College of Arts and Sciences graduates five years after graduating is $90, percent of students in the Class of 2014 interned during their undergraduate career. Average financial aid package for incoming awarded freshmen in 2015: $48,605 INTERNATIONAL STUDENTS The University provides over $7 million in financial assistance to students who are not citizens or permanent residents of the United States, Canada, or Mexico. However, because the offer of admission for non-citizens is directly linked to their ability to meet expenses, candidates whose families have the financial means to afford educational costs are encouraged not to apply for financial aid. WE MEET YOUR FULL DEMONSTRATED NEED Penn meets 100 percent of the demonstrated need of each family throughout their student s undergraduate years. This year, Penn is devoting $206 million to undergraduate aid. This financial aid budget is entirely dedicated to need-based aid to ensure that all students regardless of their financial background are able to attend Penn if admitted. Penn and the other institutions that compose the Ivy League do not award any merit-based or athletic scholarships. HOW AID IS DETERMINED Financial aid is awarded on the basis of financial need, which is the difference between Penn s cost of attendance and the amount your family is expected to pay (your expected family contribution). Cost of Attendance Expected Family Contribution Financial Need Penn individually reviews each family s financial aid application and parent and student tax returns. The following items are also considered: family size student income and assets parents income and assets (including home equity but not retirement accounts) the number of children enrolled in college extenuating family circumstances (such as illness or loss of employment) Financial information from both parents is used to determine financial need, even if they are divorced or separated. Penn awards an aid package, a pledge of financial support from the University that includes grants and a work-study job. Unlike most other universities, there are no loans in a Penn aid package. Penn makes it possible to graduate debt-free.

4 Understanding the Cost of Attendance The cost of attending Penn can be the same or less than at a flagship public university. In the example to the right, the expected family contribution is the same at both schools. In addition, the student s financial aid package at Public U includes a loan. THE NET PRICE COMPARISON: PENN VS. PUBLIC UNIVERSITY No-loan financial aid package: $56,800 PENN S COST OF ATTENDANCE Tuition and fees $49,536 Housing $9,060 Meals $4,930 Grant: $53,500 Financial aid package: $20,000 Books $1,250 Personal expenses $2,024 Total cost of attendance $66,800 Almost 1 in 4 aided students use work-study to participate in civic engagement. Work study: $3,300 Expected family contribution: $10,000 Penn cost of attendance: $66,800 = Grant: $11,200 Work study: $3,300 Student loan: $5,500 Expected family contribution: $10,000 Public U cost of attendance: $30,000 This is one example, based on a particular family s financial situation. Family contributions can range from $0 to more than $60,000, depending on each family s specific circumstances. FOUR YEARS OF SUPPORT Penn commits to meeting your full demonstrated need throughout your undergraduate years. If your family s circumstances remain stable, financial aid remains relatively constant; if circumstances change during the year (such as a parent losing a job), your financial aid package will be reviewed. FINANCIAL AID GLOSSARY Aid package: The amount of financial assistance you receive. A Penn package includes grants and a work-study job. Expected family contribution ( net price ): The actual amount a family is expected to pay, including contributions from parents and student. Grant: Grants do not require repayment and are available from Penn, the federal government, and some states. Need-based: Financial aid is based on a family s demonstrated need. Penn meets 100 percent of each family s demonstrated need for all four years through its no-loan packages. Need-blind: Admissions decisions are not affected by your ability to pay or by your application for financial aid. Payment plan: The Penn Monthly Budget Plan allows you to budget fall and spring semester expenses over a 10-month period. Work-study job: As part of a financial aid package, on-campus work-study jobs allow students to apply their earnings to college expenses.

5 What You Might Expect EXAMPLES OF AIDED STUDENTS Here are a few case studies of Penn aid packages received by families of varying financial situations. While these examples help provide a sense of what your family might expect, Penn cannot guarantee that every student whose family feels they resemble one of these case studies will receive a similar aid package and pay a similar net price. Todd Todd s mother is deceased, and his father earns a modest income to help support a family of four. His father s total annual income, including Social Security benefits for the younger children, amounts to $39,000. Todd s father is not expected to contribute to his education while Todd is expected to contribute $1,250 from his summer earnings. The total family contribution is $1,250. Todd s family contribution $1,250 Todd s financial aid award $65,550 Amalia Amalia lives with her parents and younger brother. Her parents total income is $110,000. The family has $130,000 in home equity and $15,000 in savings. Penn calculated that Amalia s parents could contribute $12,000 to her education for the current year. Amalia is expected to contribute $2,500 from her summer earnings. The total family contribution is $14,500. Amalia s family contribution $14,500 Amalia s financial aid award $52,300 NET PRICE CALCULATOR Penn s net price calculator is available at Penn reviews all aid applications on an individual basis, so the estimate provided by the net price calculator may differ from your actual award. The best way to know how much aid you will receive is to apply. Sherie Sherie lives with her parents and younger brother. Her parents combined income is $160,000; they own a home with $215,000 in equity and have savings of $26,000. Penn expects Sherie s parents to contribute $32,000 and Sherie to contribute $2,500 from her summer earnings. The total family contribution is $34,500. Next year, Sherie s brother may attend college, although he is uncertain about his exact plans. If he attends a school with costs similar to Penn s, and if the family s financial situation remains similar, Penn will expect Sherie s parents to contribute $19,200 and Sherie, $2,500. The total family contribution is $21,700. With One Child in College Sherie s family contribution $34,500 Sherie s financial aid award $32,300 With Two Children in College Sherie s family contribution $21,700 Sherie s financial aid award $45,100 SHERIE S FAMILY S OPTIONS: EDUCATIONAL LOANS AND PAYMENT PLANS Even though Penn s aid packages do not include loans, parents and students may still choose to borrow from programs such as the federal Direct Loan Program to help manage their expected family contribution. These programs distribute costs over a longer time period. See Loans at for details. The Penn Monthly Budget Plan allows families to budget fall and spring semester expenses over a 10-month period. Families decide how much to budget each year. Payments begin in May and end in February.

6 HOW TO APPLY The chart below includes a list of financial aid forms and deadlines. Please go to for more information. Deadlines Required Forms Early Decision Regular Decision Transfers Penn Financial Aid Supplement (PFAS) February 1, 2016 CSS/PROFILE February 1, 2016 Noncustodial PROFILE (if applicable) February 1, 2016 Parents and student s 2014 federal tax returns all pages, schedules, and W-2s, and/or a Tax ID Form February 1, 2016* Not applicable Parents and student s 2015 federal tax returns all pages, schedules, and W-2s, and/or a Tax ID Form February 15, 2016 February 15, 2016 FAFSA * Note to Regular Decision Applicants: if your and your parents 2015 tax returns will be available by February 15, you do not need to submit your 2014 tax returns. TO LEARN MORE Go to for more information, including application instructions, forms, deadlines, and the net price calculator. Select Prospective Undergraduates from the red box. Or, type your question directly into askben at the top of the page. Visit edu/espanol for admissions information in Spanish. CONTACT US Student Financial Services University of Pennsylvania 100 Franklin Building 3451 Walnut Street Philadelphia, PADelicious Phone: (215) Delicious Flickr Fax: (215) sfsmail@exchange. upenn.edu Website: MySpace Slash Dot Phone: (215) Retweet info@admissions.upenn.edu Website: MySpace Digg Twitter Mixx Dot Penn s net price calculatorslash is available at Mixx DeliciousReddit Flickr Reddit Flickr Delicious FriendFeed Office of Admissions 1 College Hall, Room 1 Philadelphia, PA Retweet Twitter Digg Follow us Delicious Skype Flickr Skype Twitter Twitter YouTubeMySpaceRetweetLinkedIn FriendFeed YouTubeFlickr LinkedInTwitter Retweet The University of Pennsylvania values diversity and seeks talented students, faculty and staff from diverse backgrounds. The University of Pennsylvania does not Slash Dot MySpaceSlideShare Newsvine Google Mixx Digg Google Skype Talk discriminate on the basis of race, color, sex, sexual orientation, gender identity, religion, creed, national or ethnic origin, citizenship status, age, disability, veteran status or any other legally protected class status in the administration of its admissions, financial aid, educational or athletic programs, or other University-administered programs or in its employment practices. Questions or complaints regarding this policy should be directed to the Executive Director of the Office of Affirmative Action and Equal or (215) MySpace Digg SlideShare Google Google Talk(TDD). Opportunity Programs, Sansom Place East, 3600 ChestnutNewsvine Street, Suite 228, Philadelphia, PA ; (Voice) or (215) The Jeanne Clery Disclosure of Campus Security Policy and Campus Crime Statistics Act is a federal lawmixx that requires colleges universities tofriendfeed provide information on YouTube Slash Dot Reddit and Yahoo Skype YahooallBuzz Netvibes AOL their security policies and procedures and specific statistics for criminal incidents and arrests on campus to students and employees and to make the information and statistics available to prospective students and employees upon request. The Uniform Crime Reporting Act requires all Pennsylvania colleges and universities to provide information on their security policies and procedures to students, to provide crime statistics and employees; Slash Dot certain Netvibes Mixx to studentsaol Skype and to make Yahoo employees, and applicants; Yahoo Buzz those statistics available to applicants and prospective employees upon request. Federal law, the Higher Education Opportunity Act, also requires institutions that offer oncampus housing to provide certain fire statistics and other information about fire safety. This information is available from the Division of Public Safety at , or Reddit Microsoft FriendFeed YouTubeApple SlideShare Google MSN Newsvine LinkedInMobileMe at NCSDO U /15 The information in this publication is current as of July Microsoft MSN Reddit Newsvine App Store Apple FriendFeed YouTube MobileMe LinkedIn SlideShare Netvibes AmazonYahoo Google Last.fm Yahoo Buzz Google Talk Mister Wong