[Home and School] Free Tuition at the University of Pennsylvania
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Fri, 24 Mar 2006 06:55:21 EST
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Contact Ron Ozio 215-898-8658 _ozio@pobox.upenn.edu_=20
(mailto:ozio@pobox.upenn.edu)=20
(http://www.upenn.edu/pennnews/article.php?id=3D925&print=3D1) =20
(http://www.upenn.edu/pennnews/email.php?newsrelease=3D925) University of P=
ennsylvania Will=20
Eliminate Loans for Students of Families Earning Less Than $50,000=20
March 23, 2006 =20
PHILADELPHIA -- Expanding its effort to alleviate the financial burden on=20
low- and middle-income students and to continue attract top students with=20
diverse economic backgrounds, the University of Pennsylvania will provide g=
rants=20
for undergraduate students from economically disadvantaged families with=20
incomes of $50,000 or less, Penn President Amy Gutmann announced today.=20
This move coincides with a $6.3 million increase in the University's=20
undergraduate financial aid budget for the coming academic year, with those=
funds=20
targeted to middle- and low-income families, reaffirming Penn's commitment=20=
to=20
need-blind admissions and meeting the full need of all students. =20
"As we outlined in the Penn Compact back in 2004, increasing access to a=20
Penn education is a top priority," Penn President Amy Gutmann said. "By=20
eliminating loans for low-and-middle income students, our financial aid pro=
gram now=20
enables students from every family income level to enroll at Penn. By=20
providing financial aid packages without loans to students whose parents ea=
rn $50,000=20
or less, we can ease their financial concerns, not only throughout their=20
education but also after graduation, enabling them more freedom to choose t=
he=20
most satisfying careers.=20
"With this initiative, Penn becomes the first major research university tha=
t=20
funds the majority of its financial aid from its operating budget to=20
eliminate loans for low- and-middle income students," Gutmann said.=20
Penn spends more than $78 million per year out of its operating budget on=20
financial aid.=20
In conjunction with the reductions in summer savings requirements and=20
increases in allowances for incidental expenses for students from low-incom=
e=20
backgrounds, which were implemented in 2005-2006, the elimination of loans=20=
will=20
mean that the highest-need students will each receive grant aid of more tha=
n=20
$45,000 in 2006-2007.=20
Additional grant aid for rising sophomores, juniors and seniors was also=20
approved to moderate any self-help and/or loan increases they might anticip=
ate.=20
The University is projecting an increase of 7.7 percent in its need-based=20
undergraduate grants and scholarships in the coming year.=20
>From 1997 to 2005, the percentage of the average freshman aid package met b=
y=20
grants has increased from 68 percent to 80 percent, while the average loan=20
as a percentage of total aid has declined from 23 percent to 11 percent. Th=
e=20
average freshman grant increased by 61 percent during this same period.=20
Roughly 40 percent of the University's aided freshmen will have their need=20
met without any expected student loan in 2006-2007.=20
Penn will continue, for the seventh year, the Summer Savings Waiver Program=
,=20
which provides grants to offset the normal summer self-help work=20
contribution requirement of students who participate in unpaid or low-payin=
g community=20
service or career-related activity during the summer. =20
(http://www.upenn.edu/) (http://www.upenn.edu/penna-z/) =20
(http://www.upenn.edu/directories/) (http://www.upenn.edu/calendar/) (=
http://www.facilities.upenn.edu/)=20
Copyright =A9 2005, University of Pennsylvania
Office of University Communications
200 Sansom Place East, 3600 Chestnut Street, Philadelphia, PA 19104-6106
_Copyright Information_=20
(http://www.upenn.edu/computing/security/copyright.html) | _Contact Us_ (ht=
tp://www.upenn.edu/about/comments.php) | _Privacy=20
Policy _ (http://www.upenn.edu/privacy) | _Disclaimer_=20
(http://www.upenn.edu/about/disclaimer.php) =20
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<TD><SMALL><STRONG>Contact</STRONG></SMALL></TD>
<TD><SMALL>Ron Ozio</SMALL></TD>
<TD><SMALL>215-898-8658</SMALL></TD>
<TD><SMALL></SMALL></TD>
<TD><SMALL><A=20
href=3D"mailto:ozio@pobox.upenn.edu">ozio@pobox.upenn.edu<=
/A></SMALL></TD></TR></TBODY></TABLE></DIV>
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href=3D"http://www.upenn.edu/pennnews/email.php?newsreleas=
e=3D925"></A></TD></TR></TR></TBODY></TABLE><BIG>University=20
of Pennsylvania Will Eliminate Loans for Students of Families=20
Earning Less Than $50,000 </BIG><BR><SMALL class=3Dlight><B>Marc=
h 23,=20
2006</B></SMALL> </P><!-- @@eWebWP v1.2 -->
<P>PHILADELPHIA -- Expanding its effort to alleviate the financi=
al=20
burden on low- and middle-income students and to continue attrac=
t=20
top students with diverse economic backgrounds, the University o=
f=20
Pennsylvania will provide grants for undergraduate students from=
=20
economically disadvantaged families with incomes of $50,000 or l=
ess,=20
Penn President Amy Gutmann announced today.</P>
<P>This move coincides with a $6.3 million increase in the=20
University's undergraduate financial aid budget for the coming=20
academic year, with those funds targeted to middle- and low-inco=
me=20
families, reaffirming Penn's commitment to need-blind admissions=
and=20
meeting the full need of all students. </P>
<P>"As we outlined in the Penn Compact back in 2004, increasing=20
access to a Penn education is a top priority," Penn President Am=
y=20
Gutmann said. "By eliminating loans for low-and-middle income=20
students, our financial aid program now enables students from ev=
ery=20
family income level to enroll at Penn. By providing financial ai=
d=20
packages without loans to students whose parents earn $50,000 or=
=20
less, we can ease their financial concerns, not only throughout=20
their education but also after graduation, enabling them more=20
freedom to choose the most satisfying careers.</P>
<P>"With this initiative, Penn becomes the first major research=20
university that funds the majority of its financial aid from its=
=20
operating budget to eliminate loans for low- and-middle income=20
students," Gutmann said.</P>
<P>Penn spends more than $78 million per year out of its operati=
ng=20
budget on financial aid.</P>
<P>In conjunction with the reductions in summer savings requirem=
ents=20
and increases in allowances for incidental expenses for students=
=20
from low-income backgrounds, which were implemented in 2005-2006=
,=20
the elimination of loans will mean that the highest-need student=
s=20
will each receive grant aid of more than $45,000 in 2006-2007.</=
P>
<P>Additional grant aid for rising sophomores, juniors and senio=
rs=20
was also approved to moderate any self-help and/or loan increase=
s=20
they might anticipate.</P>
<P>The University is projecting an increase of 7.7 percent in it=
s=20
need-based undergraduate grants and scholarships in the coming=20
year.</P>
<P>From 1997 to 2005, the percentage of the average freshman aid=
=20
package met by grants has increased from 68 percent to 80 percen=
t,=20
while the average loan as a percentage of total aid has declined=
=20
from 23 percent to 11 percent. The average freshman grant increa=
sed=20
by 61 percent during this same period.</P>
<P>Roughly 40 percent of the University's aided freshmen will ha=
ve=20
their need met without any expected student loan in 2006-2007.</=
P>
<P>Penn will continue, for the seventh year, the Summer Savings=20
Waiver Program, which provides grants to offset the normal summe=
r=20
self-help work contribution requirement of students who particip=
ate=20
in unpaid or low-paying community service or career-related acti=
vity=20
during the summer.</P></TD></TR></TBODY></TABLE><!-- toolbar -->
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