University of Pennsylvania Replaces Financial Aid Loans With Grants for Students From Families With Incomes Below $50,000

The University of Pennsylvania is the latest high-ranking university to revamp its financial aid program to the advantage of students from low-income families. Under the new program, all entering and returning students from families with incomes below $50,000 will have all their financial aid needs met by scholarship grants. These students will no longer be required to take on debt to finance their tuition and other fees at Penn. Black students, who make up 6.6 percent of the undergraduate student body at Penn, are likely to disproportionately benefit from the new financial aid program.

The University of Pennsylvania is increasing its financial aid budget by $6.3 million for the next academic year to pay for the new program.