No Loan Policy increased to 60k!

Colleges and Universities A-Z University of Pennsylvania
1

<p>Penn’s no loan financial aid policy has been raised to include famlies making less than 60k a year, up from the previous 50k! If I get in this means free college!!!</p>

<p>On the flip side, tuition and expenses went up 4.6 percent this year to $46,124.</p>

2

<p>wow thats amazing.... where are HYP's cutoffs?</p>

3

<p>... No loan doesn't mean you won't have to pay. It just means that you won't get loans on top of your estimated family contribution- in it's place you will receive scholarships.</p>

<p>Plus, it's been 60k for a while now</p>

4

<p>its not free. my family makes less than 50K but my EFC is over $5000 which doesn't include the stafford loan</p>

5

<p>this is cool :), now if only I could get in :(</p>

6

<p>if my family had ZERO income last year (but 100k+ the year before), will I get aid? (The FULL AID??!!) (assuming i get accepted, which i probably wont)</p>

7

<p>Haha yes you are right. This occured to me over dinner when I actually analyzed the phrase "no loan," and came to the realizatoin the efc would still apply.</p>

<p>But still that's way cool.</p>

<p>If your EFC is 0 it would be free.</p>

<p>:)</p>

<p>Here is the original article
<a href="http://media.www.dailypennsylvanian.com/media/storage/paper882/news/2007/03/23/News/Trustees.Meeting.Penn.Raises.NoLoan.Threshold.To.60000-2789120.shtml%5B/url%5D"&gt;http://media.www.dailypennsylvanian.com/media/storage/paper882/news/2007/03/23/News/Trustees.Meeting.Penn.Raises.NoLoan.Threshold.To.60000-2789120.shtml&lt;/a&gt;&lt;/p>

8

<p>So no stafford loan anymore for families making under 60k?</p>

9

<p>does this mean that they cover what would have been covered by the stafford loan? If so, can you still take out a stafford loan on the remaining costs?</p>

10

<p>stafford loan still applies. They gave me 28K in Penn grants, some money in federal grants, $3000 in stafford loans, and then over $5000 was left for us to play. According to Penn, our EFC was $5000+. However, my FAFSA EFC is 0.
So FAFSA and Penn EFCs are different.</p>

11

<p>my fafsa EFC was higher than my Penn efc</p>

12

<p>i have no idea how they calculate it</p>

13

<p>Wow, I qualify!</p>

14

<p>So does Penn completely disregard the FAFSA EFC in favor of their own EFC?</p>

15

<p>sristi me too</p>

16

<p>downtown128, i think they disregard the fafsa efc. the fafsa deadline is april 1, while decisions are out march 29th. css profile and all their other forms are due feb. i think fafsa is just for governement aid and something to check w/ (maybe to make sure we're not lying on the css or something like that).</p>

17

<p>Good point. Thanks.</p>

18

<p>
[quote]
The new policy will impact 213 students, in addition to the 283 who benefitted from the no-loan policy last year, Gibson said.

[/quote]
</p>

<p>Wow. That means the admissions and financial aid offices are DONE for the class of 2011!! (or maybe not... who knows) That is very impressive nevertheless.</p>

19

<p>May I ask where to find no loan policy schools list if any?</p>