2008 Woodie Awards
Video related to this article is available below.Issue date: 1/16/08 Section: News
University unveils financial aid plan | w/ Interactive Feature
Priyanka Dev
Joanne Hanna, the director of development for undergraduate financial aid, said the University's announcement will benefit both middle-income and lower-income applicants.
She added that students often overlook Ivy League schools in the college application process because of the price tag.
This specific move is geared to benefit the middle-income class.
"There is such a large number of students that don't even think about Penn in that group," Hanna said.
Last March - when the University promised loan-free packages to applicants with family incomes less than $60,000 - marked the most recent improvement to the financial aid program.
Penn's December announcement followed Harvard's announcement of a similar financial aid expansion by only four days - although Schilling said Penn's announcement was "definitely" not a response to Harvard's.
Still, Hanna added that she was surprised by Penn's announcement.
"I'm very aware of how under-endowed we are, and it was remarkable to me that we found ourselves in a financial position to [launch the initiative]."
She also acknowledged that peer schools have made similar moves in the recent past.
"We need to stay as competitive as we can," she said.
She added that students often overlook Ivy League schools in the college application process because of the price tag.
This specific move is geared to benefit the middle-income class.
"There is such a large number of students that don't even think about Penn in that group," Hanna said.
Last March - when the University promised loan-free packages to applicants with family incomes less than $60,000 - marked the most recent improvement to the financial aid program.
Penn's December announcement followed Harvard's announcement of a similar financial aid expansion by only four days - although Schilling said Penn's announcement was "definitely" not a response to Harvard's.
Still, Hanna added that she was surprised by Penn's announcement.
"I'm very aware of how under-endowed we are, and it was remarkable to me that we found ourselves in a financial position to [launch the initiative]."
She also acknowledged that peer schools have made similar moves in the recent past.
"We need to stay as competitive as we can," she said.
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