@exlibris97 Substantial aid?? We have an income of $80K and received ZERO aid from Penn …because of assets… Penn uses the CAS and among other things looks at your home value - if you have paid off your home they expect you to take out a home equity loan to cover tuition. Using income as a barometer as to whether middle class receives aid at Penn is deceiving. If you are leveraged to the hilt and make 100K you might get aid, but if you paid off your home and have savings, our experience is you won’t get any aid.
I agree with @Penn95 that a doughnut hole is created. I have seen many in our area pass up the ivies for merit money at honors programs. My son would have done the same but for the fact that he was accepted into Wharton. Our family felt the income potential coming out of Wharton was worth going into debt for…but I do think there is a upper limit point to that.