The Trustees of the University of Pennsylvania today announced a $328 million undergraduate financial aid budget for the 2025-2026 academic year. This is a 6.4% increase over aid expenditures for 2024-2025, driven largely by the Quaker Commitment financial aid initiative.
The Trustees also approved a 3.7% increase in total undergraduate charges for 2025-26. Tuition will be $63,204, fees will be $8,032, housing will be $13,132, and dining will be $6,744—a total of $91,112.
Launched last fall, the Quaker Commitment is designed to expand support for middle- and lower-income families by guaranteeing full tuition scholarships for families who make $200,000 or less and removing primary home equity from the financial aid assessment process.
The University of Pennsylvania’s undergraduate financial aid initiative, the Quaker Commitment, is being applied for the first time in Academic Year 2025-2026, marking a significant step in Penn’s ongoing commitment to making higher education more accessible and affordable.
“The Quaker Commitment is a bold move that makes a Penn education more financially inclusive for middle- and lower-income families, while reinforcing the university’s reputation as a leader in fostering greater access to a Penn education,” said Interim Penn President J. Larry Jameson. “Access to affordable higher education is part of our national conversations and the Quaker Commitment offers a compelling model for how higher education institutions can support more families.”
Expanding on a long-standing commitment to financial aid
Penn introduced its signature no-loan financial aid program in 2008 with the goal of increasing access to a world-class university known for its high academic standards, innovative research, and dedication to serving the vibrant city of Philadelphia. “The Quaker Commitment builds on our long-standing policies, and it comes with transparency about costs welcomed by those concerned about the complexity of the financial aid process,” said Mark Dingfield, Vice President, Finance and Treasurer. “Removing home equity from the financial aid assessment process is a major step toward that goal, making financial aid packages more generous for many and simplifying the process of applying for financial aid.”
Penn’s approach to undergraduate financial aid has an impact on a wide variety of students and is the largest program of its kind in higher education. Of Penn’s approximately 10,000 undergraduate students, 45.4% currently receive financial aid, with an average aid package of $70,552. This average package is more than the cost of tuition and covers 76% of a student’s total cost of attendance. By comparison, the average aid package covered 57% in 2008 when Penn’s no-loan financial aid policy was first introduced. As a result of Penn’s no-loan financial aid initiative, only 18% of need-based aid recipients took out loans in FY25, compared to 76% in FY08 when the policy was first introduced.
