<p>The University of Pennsylvania announces a significant increase in its need-based financial-aid initiative aimed to attract low- and middle-income families. </p>
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Beginning this fall, Penn will replace loans with grants for students from high-need families earning less than $60,000…</p>
<p>Penn spends more than $90 million per year out of its operating budget for need-based grants to undergraduate students.</p>
<p>Penn will continue its longstanding need-blind admissions policy, which admits students based on academic achievement, without regard to their ability to pay. Penn’s need-blind admissions policy also guarantees that any accepted student who matriculates with a demonstrated financial need will receive a financial-aid package that meets the full extent of the student’s need for a full four years.</p>
<p>Since 1997-98, the percentage of the average freshman aid package met by grants has increased from 68 percent to 82 percent, while the average loan as a percentage of total aid has declined from 23 percent to 9 percent. The average freshman grant increased by 72 percent during the same period.</p>
<p>Roughly 40 percent of Penn freshmen receiving financial aid will have their need met without any expected student loan in 2007-2008.
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<p><a href=“http://www.upenn.edu/pennnews/article.php?id=1124[/url] ”>http://www.upenn.edu/pennnews/article.php?id=1124</a></p> ;