Student Loans for University of Pennsylvania Students
About University of Pennsylvania
The University of Pennsylvania, or simply UPenn, is an excellent university. The fourth oldest college in the US, UPenn is one of the Colonial Colleges (founded in 1740) and is a member of the Ivy League. Ranked at #5 in 2011 among all national universities, UPenn is home to about 10,300 undergrads and an equal number of graduate students, who live on and around a beautiful, 18th century campus in Philadelphia. We don’t need to convince you that UPenn is worth going to, but we like talking about it: plus, if you went to UPenn, you’d join an alumni network that includes (wait for it) Donald Trump and John Legend, to name two. Rumor has it that there are secret classes that teach how to be a super successful businessperson with a terrible haircut, as well as how to develop the smoothest and most seductive singing voice ever known to man. If you can incorporate the two skills, you just might conquer the world.
Philadelphia is a pretty awesome city, and there are tons of places for students to explore. Unfortunately, exploring cities often means spending money going from place to place, or in Philly’s case, buying all the cheesesteaks you can find. This can be a drain on any student’s budget, especially if you’re receiving UPenn financial aid. Having fun and roaming around the city is a part of any student’s UPenn experience, so we don’t want to put a damper on that: we just want to make sure that you’re smart about spending. Give yourself a limit on how much you can spend per week/month, and keep a tally. You can reward yourself if you go under-budget for the month, but if you go over, well, that would be unpleasant.
Applying for UPenn Financial Aid
We hate to break it to you, but the application process for UPenn financial aid is fraught with paperwork. Not only will you need to file the FAFSA (Free Application for Federal Student Aid), but you’ll also have to send in the CSS/PROFILE, the most recent income tax returns for the student and parent(s), UPenn’s own aid form, and a few other forms, if applicable (such as the Business/Farm supplement). We’re so sorry. If you have questions as you’re mired in paperwork, call your aid counselor at the UPenn financial aid office and beg for help: they’re pros.
UPenn Aid Packages
UPenn makes up for the absurd amount of required paperwork by having a strong, generous financial aid program. About 60% of students receive UPenn financial aid, and while that number may seem low, remember that it is an Ivy League school, and as such will attract a lot of students who can afford to pay the total COA. About 14% of students at UPenn fall into an awkward financial aid bracket where they don’t qualify for tons of aid, but can’t afford to pay the total amount asked of them: for these students, private student loans are a great way to cover costs.
Penn Financial Aid is awarded to students who demonstrate financial need, and the program is unique in that loans are not given as part of Penn financial aid packages. To receive aid from Penn, you must demonstrate need through the information you provide on your Free Application for Federal Student Aid (FAFSA), as well as your CSS/PROFILE and the information required on the institution’s own aid form. If the university deems you eligible for aid, they will meet 100% of your financial need.
Pay for University of Pennsylvania*
|Total Avg. Cost||$53,250|
|Room & Board||Not Avail.|
|Financial Aid Information|
|Students Receiving Fin Aid||61%|
|Typical Grant Amounts|
|Avg. Other Stud. Loans||$6,464|
|%Receiving Other Loans||6%|
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*Data source is the Integrated Postsecondary Education Data System (IPEDS) the data collection program for the National Center for Education Statistics