<p>I applied ED to UPenn and at the time I was not aware of the financial issues that would perhaps be present in the future. </p>
<p>How does Penn's financial aid work?
How much do students get?
Are there merit scholarships?</p>
<p>To me, this money issue is the only turnoff to Penn and almost makes me want to not get accepted.</p>
<p>This site will answer your questions:</p>
<p>[Paying</a> for a Penn Education](<a href=“Submit My Documents | Penn Student Registration & Financial Services| Penn Srfs”>Submit My Documents | Penn Student Registration & Financial Services| Penn Srfs)</p>
<p>Bottom line: Penn does not give merit aid, but will provide financial aid to meet 100% of demonstrated need (as determined by Penn). Penn also responds to changed financial circumstances, and will adjust financial aid accordingly.</p>
<p>did u fill out the financial aid forms? they were due along with ur app… [Financial</a> Aid Checklist](<a href=“Submit My Documents | Penn Student Registration & Financial Services| Penn Srfs”>Submit My Documents | Penn Student Registration & Financial Services| Penn Srfs)</p>
<p>You don’t have to worry about wanting to be rejected. If Penn does offer you enough financial aid you can reject its offer of admission.</p>
<p>Wait CountMonteCristo so ED means that I can choose not to go to Penn if I am accepted?</p>
<p>By the way excellent link 45 Percenter. You really made me feel a lot comfortable about going to Penn and johring I did submit the FA form.</p>
<p>@publicdomaininfo: No. If you get enough money, you’re going. If you DON’T get enough money, you can go through whatever process it is and get out of the Penn ED contract. This is all continent on you getting in (obviously).</p>
<p>It is my understanding that if you are admitted ED that you are suppose to attend unless you determine the the amount of financial aid you are offered is insufficient. You are not required to attend if you do not receive enough financial aid.</p>
<p>@CountMonteCristo: Yes, but you have to prove you did not receive enough financial aid. Thus, I use the words “whatever process it is” because I’m not too sure what the process is, haha.</p>
<p>You do not have to “prove” anything. You get to decide whether the offered financial aid is sufficient. The Common Application instructions state “Should a student who applies for financial aid not be offered an award that makes attendance possible, the student may decline the offer of admission and be released from the Early Decision commitment.”</p>
<p>Umm, I don’t think it’s that easy. Penn’s sticker price is around 55,000 (lets use that number for simplicities sake). If they give you $40,000 and you wanted $50,000, I don’t think you can say, “I wanted $50,000, but you wouldn’t give it to me, so I am breaking the contract and not going to Penn”. I’m almost 100% sure that there is a process…otherwise everyone who doesn’t get whatever arbitrary number they want in Fin. Aid would just break the deal…</p>
<p>It is that easy. There is a process, Penn makes you an offer and you decide if it is enough. Penn is not going to make you attend if you feel that you cannot afford it.</p>
<p>people who believe that getting their “arbitrary number” is more important than going to Penn should “break the deal”.</p>
<p>@IntoOblivion: Definitely agreed. It’s a little pathetic, considering they accepted you and rejected someone who would die to get into Penn and would take the offer given. ED use to be a true honorable contract/commitment, but if what you say is true CountMonteCristo, then the system has changed.</p>
<p>I think we can assume that anyone who applied to Penn ED really wants to go there, I know my daughter does. So, I think that anyone accepted by Penn ED will do everything they can to attend. But, when you apply you know the “sticker price” but not the actual cost because financial aid can be difficult to predict. That is why you have the right to back out of the deal if you cannot afford it. Its not fair to assume that someone loves Penn less than you do simply because their parents cannot afford it and your parents can. I don’t think it happens very often (where someone backs out), but I think we should feel sorry for someone who is accepted to such a great university and is not able to attend because of their financial situation.</p>
<p>But Penn and other top schools promise to meet 100% of demonstrated financial aid. And even then, if there is a circumstance NOT explained by the tax forms, etc. (ex. one of my parents suffered from cancer and medical treatments were enormous), you can detail that in the additional info and they will factor that into your aid package. What I’m trying to say is, basically, if you were suppose to get $40,000 and Penn gives that to you, but your parents are for some reason unwilling to pay the $15,000 difference and you as the student are unwilling to take out loans (for whatever reason), than that is unfair to the University and to general ethical code. </p>
<p>What I am trying to say is that if you have financial difficulty after Penn’s 100% meeting demonstrated need, then back out. But if it’s just because Penn didn’t give you $55,000 and you wanted it (or whatever other arbitrary number you set), then that is incredibly unethical. Penn has held up it’s end of the deal; so should you.</p>
<p>I agree with you that it would be wrong to claim that you cannot afford to attend when you can afford it just to get out of your commitment, maybe because you changed your mind. The problem is that the college, Penn in this case, gets to decide what your need is and the amount can vary a great deal. I have used the net price calculators for a number of schools and even though they all claim to meet full need the projected financial aid difference has been as much as much as $30,000 each year. All I am saying is that if you reasonably expect Penn to offer a certain amount and they do not, you do have the option to back out. But, as I understand it this hardly ever happens. This is because any family who is fortunate enough to have their son/daughter admitted to a university such as Penn will likely do everything possible so that they can attend.</p>
<p>^ An accepted ED applicant also can appeal a financial aid decision–that definitely should be done before admission is declined.</p>