Facts and Figures
Penn meets 100% of demonstrated financial need with grants and work-study funding.
Since Amy Gutmann became Penn President in 2004, the University has awarded more than $2.6 billion in undergraduate aid to more than 24,000 students.
46% of undergraduate students received grant-based financial aid in 2020-2021, with an average package of $56,095--more than the cost of tuition.
Students with family incomes less than $65,500 (and typical assets) receive financial aid packages that cover tuition, fees, room, and board. They are also eligible for additional benefits like laptop funding and summer opportunity funds.
Students with family incomes between $65,500 and $140,000 (and typical assets) receive financial aid packages that cover at least tuition.
Students with family incomes greater than $140,000 who are eligible for aid receive average aid packages that are greater than half of tuition.
Only 19% of students receiving need-based aid took out loans to supplement their aid packages in 2020-2021, compared to 80% of students in 2004.
Holding the dollar value constant, the average net cost to aided first-year students has decreased 19.5% since 2005.