Quaker Commitment boosts aid to $328M, tuition rises 3.7%

On Thursday, school officials announced an increase to financial aid of 6.4% to a record $328 million.  This goes along with the new financial aid program titled ‘The Quaker Commitment” which focuses on support for middle-income families.   Today 46% of undergraduates receive financial assistance with 21% receiving Pell grants. 

As part of the Quaker Commitment, the income for families to receive full undergraduate tuition will increase to $200,000 and the value of the family home will no longer be included in the assets being reviewed.   Interim Penn President Larry Jameson believes that Penn’s reputation will improve by making a Penn education more widely available to lower and middle income families, “A greater number of students will receive full tuition with the increased financial aid package.  We’re pleased to do this even with the financial uncertainty of federal funding cuts.”

Potential federal budget cuts due to policy changes may impact financial aid.  VP for finance and Treasurer of the Penn Division of Finance Mark Dingfield pointed to the University’s reliance on Pell Grants for undergraduate funding. “The Quaker Commitment comes at a critical time in our political world. We may need to address graduate program admissions with upcoming funding losses.”

The financial aid increase comes at the same time as the Board of Trustees approved a 3.7% tuition increase for undergraduates starting in the fall of 2025.  This fall tuition will increase to $63,204 (up from $60,920), fees to $8,032 (up from $7,766) and room and board to $19,876 from $19,174.  

Penn is not alone in the Ivy League in raising tuition as Yale and Brown announced undergraduate academic costs will go up by just under 4% and 4.85% respectively.