Facts and Figures

Penn is committed to making undergraduate education affordable
Average aid packages

46% of undergraduate students received need-based financial aid in 2023-2024, with an average package of $66,222--more than the cost of tuition. 

Aid across income levels

The Quaker Commitment summarizes our undergraduate financial aid program’s existing and new policies in four simple statements:

  1. Financial aid packages will meet 100% of a student’s demonstrated need with grants and work-study funding (no loans).
  2. The value of a family’s primary home will not impact a student’s financial aid eligibility.
  3. For families that make up to $200,000 with typical assets, their financial aid packages will guarantee to cover at minimum full tuition (and often more).
  4. For families that make under $75,000 with typical assets, their financial aid packages will guarantee to cover all billed expenses (tuition and fees, housing, and dining) and students will receive additional resources to ensure equal access to opportunities on campus.
Optimizing student debt

Only 19% of students receiving need-based aid took out loans to supplement their aid packages in 2023-2024, compared to 80% of students in 2003-2004.

Reducing net cost

Holding the dollar value constant, the average net cost to aided first-year students has decreased 32% since 2005.