Everything you need to know about the financial aid application process.
Will applying for financial aid affect my chances of being accepted? Penn Medicine's admissions decisions are need-blind. They'll choose the students they wish to invite first, then they'll review the roster to identify those who have applied for financial aid. Historically, students receive their financial aid decision with their admissions decision.
Are there eligibility guidelines for financial aid? There are no base criteria to apply for financial aid.
If I'm approved for financial aid, how much of a discount should I expect? There is no average financial aid award. Decisions are need-based and the committee has a finite amount of funding. Financial aid awards may cover full tuition or partial tuition. We are not always able to cover the full amount that was requested, and not all who apply for financial aid will receive an award.
When will I have to pay my tuition? Your tuition balance, if applicable, must be paid within two weeks of the receipt of your financial aid decision. This means that all financial aid applicants should prepare for the possibility of not receiving the financial aid amount that they have requested. While you wait for your admissions and financial aid decisions, you should also research private sources of funding in case you are not in a position to cover any remaining balances on your own. Here's a link to our resource page which may help you with your research.
How do I apply for financial aid? As part of your application for admission, you'll be required to tell us whether or not you wish to apply for financial aid. If you answer "Yes, I plan to apply for financial aid" we'll add the necessary sections to your application so that you can complete the financial aid application. In order to be considered for financial aid, both sections must be completed by 11:59pm EST on March 4. Incomplete (and late) financial aid applications will not be considered.
What sort of questions are on the financial aid application? The form is four pages long and will ask you to provide student information; primary parent/guardian information; secondary parent/guardian information (if applicable); information about divorced, separated or remarried parents (if applicable); annual income, expenses, savings and contributions; a personal statement about your request for financial aid; and primary parent/guardian signature.