This student immediately paid his deposit and withdrew all of his other apps immediately…long before getting/seeking adequate aid.
**Future high school seniors take note: ** Do NOT deposit or withdraw other applications until you and your PARENTS have reviewed the FA pkg and have deemed it adequate. We know that it’s exciting to get an ED acceptance, particularly to a top program, and you’ll feel the desire to immediately deposit, but wait. There’s no need to fear that the school will magically withdraw their acceptance just because you didn’t have a hair-trigger response and deposit. Schools KNOW that you have to review your aid pkg, and perhaps appeal. Please do not be headstrong and think, “I’m going, no matter what!” The fact is that if the money isn’t there, you won’t be going.
There’s a very good chance that this student will either have to do a gap year and reapply, ask UPenn if he can delay enrollment for a year if family just needs a little time, or find a school that now will give him enough merit.