OP - be very careful when figuring how much need -based aid you might qualify for at each university you consider. UPenn is extraordinarily generous. You mentioned that your “tuition” estimate at UPenn is$ 9K. If you mean that would be your net price, that would mean a family income of $70-99,999K (see table from from UPenn’s financial aid website below).
If you actually meant that your net price would be $9K tuition + $10-12K additional for room and board, that would mean your family income is $100K +. Depending on your family size, assets, students in college at the same time, etc., that income level could leave you with a MUCH higher price tag at most other schools(20-30K or more). Do NOT assume that you will left with a 9K price tag at other schools.
Most other colleges and universities are not anywhere near as generous with their need-based aid as Ivies are. Be sure to run the net-price calculator at each school you consider. If schools you are interested won"t give you enough need-based aid, focus on schools which have merit aid available in excess of your need-based aid. At most schools, merit aid which is less than your need based aid will simply replace that need-based aid. It cannot “stack” on top of need-based awards.
Also keep in mind in mind that most schools do not meet 100% of demonstrated need and that most need-based awards will include $5500 in federal direct loans and possibly an additional student/family contribution.
From Upenn’s website:
Aided Freshmen by Family Income
Class of 2018 (entering August 2014)
Income Median Total Awards Percent of Applicants Offered Aid
$0 - 39,999 $63,040 99%
$40,000 - 69,999 $59,888 99%
$70,000 - 99,999 $53,230 97%
$100,000-129,999 $45,255 99%
$130,000-159,999 $35,400 88%
$160,000-189,999 $29,240 93%
$190,000-$219,999 $25,380 67%
$220,000 and up* $21,355 18%
*Most who qualify have more than one child in college.
Many factors other than income are considered. Therefore, individual awards vary based on individual circumstances. Families with non-typical financial situations (such as business owners, owners of real estate other than their primary home, and divorced parents) are more likely to receive non-typical awards.