The University of Pennsylvania is a private university located in Philadelphia, Pennsylvania. It is part of the Ivy League Universities, which is an elite group of top universities in the United States. The name is synonymous with prestige, academic excellence, and schools full of geniuses.
In this article, we will be looking at UPenn scholarships and financial aid so that you know what you can expect out of the financial aid package from UPenn. The bad news is that getting accepted is the difficult part.
However once you are accepted, Upenn will make sure that you are able to finance your education at the University of Pennsylvania. They have huge sums of money available through various sources such as endowments, alumni donations, and government grants.
Just a quick fact about UPenn. Did you know that this university was founded by Benjamin Franklin, a famous founding father? Not many people know this fact, but he was both the founder and the first president of the institution of what is now known as the University of Pennsylvania.
University of Pennsylvania Cost of Attendance
Since the University of Pennsylvania is a private university, the cost of attendance for in-state and out-of-state students is the same. Annually, the tuition fee is approximately $51,000, other fees are $6,000, and room and board are $16,000. Counting the personal expenses, the total cost of attendance is $78,000 a year.
This sounds like a lot since you will pay approximately $300,000 for four years of education without any UPenn scholarships. However, as stated before, financial aid at UPenn is generous. As you will see below, there are many students that receive the full cost of attendance scholarships and many others who receive full-tuition scholarships. So, let’s get started.
How Do Scholarships at UPenn Work?
Scholarships at the University of Pennsylvania are given solely on need. The University of Pennsylvania is committed to meeting 100% financial need of every student that it admits. The financial aid is calculated based on your financial situation.
They will calculate what is called “Expected Family Contribution,” which is the figure that your family is expected to contribute to your education. Then, the university will cover the difference between the cost of attendance and your Expected Family Contribution through scholarships.
This is different from many private universities and public universities because these award merit scholarships, which are based on academic achievements, GPA, SAT/ACT, etc. However, the University of Pennsylvania, like other Ivy League Schools, do not give scholarships based on merit. Also, the school does not give athletic scholarships either.
So, the takeaway is that the amount of your aid depends solely on your financial circumstances such as your family income and assets. If your financial situation is good, they will give you less aid, and vice versa is also true.
You should also note that although there are no athletic scholarships if you are good at sports, you will have an easier time getting accepted. This is especially true if you compete well on the national and state level. These Ivy League Schools really care about how well their athletic teams perform, but they can’t give any athletic scholarships.
So, the way that they recruit students is that they will very likely accept students who are recommended by UPenn’s coaches. That way, they can have good athletes. So, don’t slack off on sports if you are really good.
If you still have questions on how the scholarship system work at UPenn, visit their website!
How to Apply for UPenn Scholarships
So, you know that scholarships at the University of Pennsylvania are given based on need. You will need to file the FAFSA, CSS Profile, and Penn Financial Aid Supplement. These documents will ask you financial information about your family, and based on the answers that you provide, they will calculate the Expected Parent Contribution.
In addition to the financial aid documents, you will need to submit your parents’ tax forms, W-2 forms, and other documents. Visit the Financial Aid Forms Page for more information!
Financial Form Deadlines
The deadlines to submit these documents are different for application periods. If you are applying through Early Decision, you will need to submit all financial documents by November 5. If you are applying through regular decision, you will need to submit the documents by February 4.
Quick UPenn Financial Aid Facts
Just to give you an idea of the financial aid at UPenn, here are some key statistics!
- The average financial aid package per student is approximately $50,000 per year.
- If your family makes less than $40,000 a year that does not have very significant assets, you will receive fully-funded scholarships (full tuition, room, and board). So, if your family does not make that amount, you should apply if you think you can make the cut! Also, if your family makes more than this amount, you can still be eligible to receive fully-funded scholarships!
- If your family makes less than $75,000 a year, you will receive full tuition and room scholarships! Your award might be more depending on your circumstances.
- If your family makes between $75,000 to $140,000 a year, you will most likely receive full-tuition scholarships.
There are many factors that go into your scholarship award amount other than the annual family income, although this plays the biggest part. I hope that you got a sense of how UPenn scholarships work through these statistics.
Net Price Calculator
As stated before, there are a lot of factors that go into your financial award. To help prospective students and families, they made a Net Price Calculator to help students estimate their aid. This tool will ask you about your financial situation and give you an estimation of your aid.
I hope that this article on the University of Pennsylvania scholarships and financial aid was helpful. If you are from Pennsylvania, I highly suggest that you take a look at Pennsylvania Scholarships Category. These universities will most likely be affordable to students from Pennsylvania. If you are from other states, visit Authority Scholarships Website and view scholarships in your state first, then scholarships in other states.