University of Pennsylvania Will Replace Loans With Grants for Students of Families Earning Less Than $50,000

The University of Pennsylvania will provide grants for undergraduate students from economically disadvantaged families with incomes of $50,000 or less, announced Penn president Amy Gutmann recently. This move is in line with the university’s effort to reach out to more diverse populations of 18-year-olds. Penn is the first major Research University to spend more than $78 million per year out of its operating budget on financial aid to eliminate loans for low- and middle- income students.

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