Penn Financial Aid Appeal

[Joe_L514]

<p>Hey guys. I received my financial aid package a few hours ago, and I was unpleasantly surprised by my efc... According to various articles discussing Penn's financial aid plans, Penn fully covers room, board and tuition for families earning less than 40k a year. Well, my family makes considerably less than 40k each year, but my PennPlan indicates I will actually not receive aid that adds to room+board+tuition. Can anyone explain what is up with my financial aid offer? Also, anyone have advice for a financial aid appeal?</p>

[fishymom]

<p>My first guess would be that your family has assets that the school is considering. Do you have savings, home equity, business assets? All these figure into the EFC to some degree.</p>

[Joe_L514]

<p>Nope, lol. Well, I mean, my parents did finish paying for our house, but they do not have substantial financial savings nor do they own their own business.</p>

[thatguy100]

<p>I had a similar situation from Penn with aid. My family does make more than 40k per year, but still low enough we should have qualified for aid. We got nothing from Penn. I looked into it more and it seems with the recession and losing a lot of their endowment, they have become significantly more stringent with their Aid.</p>

<p>That being said, you are in a position where you should be receiving aid… I would call the aid office and ask, it could just be an oversight (maybe they thought $40,000 was $400,000, if the writing on the forms was messy or got blotched, it could look indecisive)</p>

[45_Percenter]

<p>

@thatguy100

I looked into it more and it seems with the recession and losing a lot of their endowment, they have become significantly more stringent with their Aid.

Not according to this:</p>

<p>

Penn Sets Tuition for 2010-11 Year; Boosts Financial Aid Budget in Tight Economy</p>

<p>February 26, 2010</p>

<p>PHILADELPHIA – The University of Pennsylvania today announced one of its smallest tuition increases in 42 years -– 3.8 percent -– while reaffirming its commitment to its innovative no-loan financial-aid program. Penn will expand its financial-aid budget for the coming year by $15 million, or 11 percent, to $149 million.</p>

<p>In 2009-2010, the number of aided undergraduates jumped by 10 percent, and aid expenditures have grown by 19 percent. </p>

<p>“The effects of the lingering recession remain deep and painful, with millions still without work as many struggle to meet their day-to-day obligations,” Penn President Amy Gutmann said. “This is why we remain so committed to no-loan financial-aid packages for our dependent, undergraduate students and why we will continue to respond to changes in families’ financial circumstances as we did throughout this past challenging year.” </p>

<p>Beginning in September 2009, Penn substituted grants for loans for all aid-eligible undergraduates. The average grant for those students is $32,548. </p>

<p>Total undergraduate charges for 2010-2011 – tuition, fees and room and board –- will increase by 3.9 percent. Undergraduate tuition will increase to $36,208 from $34,868; room and board will increase to $11,430 from $11,016; and fees will increase to $4,306 from $4,102.</p>

<p>The Budget and Finance Committee of Penn’s Board of Trustees approved the tuition increase yesterday. The full board approved it today.</p>

<p>In 2009-10, 42 percent of Penn’s undergraduate students received need-based grants from Penn. Most undergraduates from families with incomes of less than $175,000 are receiving some level of grant assistance, and the typical student with family income of less than $40,000 receives grant aid that covers tuition, room and board.</p>

<p>Penn’s financial-aid budget has increased 71 percent since 2004, the first year of Gutmann’s presidency. </p>

<p>Penn is one of fewer than 50 private institutions in the United States that both admits academically qualified students without regard to their families’ ability to pay and meets the full need of all undergraduates. Of the handful of other colleges and universities that have adopted no-loan policies in their financial-aid packages, Penn has the largest undergraduate enrollment at more than 10,300.</p>

<p>Increasing educational access remains a priority of Penn’s historic $3.5 billion Making History campaign, which has raised $2.64 billion to date. The campaign includes a fundraising goal of $350 million for undergraduate student aid and another $323 million for graduate and professional student aid. </p>

<p>Additional information on undergraduate financial aid at Penn is available at [You</a> Can Afford Penn](<a href=“http://www.sfs.upenn.edu/paying/paying-pro.htm]You”>http://www.sfs.upenn.edu/paying/paying-pro.htm).

[Penn</a> Sets Tuition for 2010-11 Year; Boosts Financial Aid Budget in Tight Economy | Penn Communications](<a href=“http://www.upenn.edu/pennnews/news/penn-sets-tuition-2010-11-year-boosts-financial-aid-budget-tight-economy]Penn”>http://www.upenn.edu/pennnews/news/penn-sets-tuition-2010-11-year-boosts-financial-aid-budget-tight-economy)</p>

[necrophiliac]

<p>In the words of my financial aid rep: “How is this my problem? I’m just an employee of University of Pennsylvania?”</p>

<p>Penn is a good school. Prepare to pay whatever they demand.</p>

[Joe_L514]

<p>Nah, I’m probably going to appeal. I have nothing to lose…But, of course, if they reject my appeal, I’ll definitely still attend despite the lack of substantial aid.</p>

[JacyPenn]

<p>I had it reevaluated and decreased my family’s EFC by 30%.</p>

[Joe_L514]

<p>Really? Nice.</p>

[Collegebound34]

<p>Yeah just appeal the aid. Nothing to lose. I got an extra 15k out of it which convinced me to choose Penn.</p>

[fishymom]

<p>“Nope, lol. Well, I mean, my parents did finish paying for our house, but they do not have substantial financial savings nor do they own their own business.”</p>

<p>If your parents have paid off your home, that would mean that the total value of your home is equity! That could definitely affect your financial aid award.</p>

[probiotic]

<p>…10</p>