Money may be a major factor for many international students who are considering whether to apply to colleges abroad.
It was for Ana Tere del Toro, a high school senior from Mexico. School is considerably cheaper at home, there are more scholarship opportunities and the applicant pool is less competitive.
"My parents, however, really value education and supported me when I decided to apply to schools in the States," she said. "I had to investigate very thoroughly to find out the financial policies of many universities and calculate scholarship opportunities."
Del Toro is one of thousands of international students struggling to pay for their higher education in the current economic climate, particularly since they typically receive less financial aid than their American peers.
According to the U.S. Journal of Academics, more than two-thirds of international students use funds from personal and family accounts as the primary source of financing their education. Only about 20 percent receive most of their academic funding from their university.
Dean of Admissions Eric Furda noted that Penn is not need-blind for applicants outside of the U.S., Canada and Mexico, meaning their financial needs may be a factor that influences admissions decisions.
However, he said, the Admissions Office is aware of the financial difficulties international students face. "Penn really values having different perspectives in the classroom, so we are always targeting talented students, as well as high schools and regions, all over the world," he said.
In fact, only seven American schools are need-blind for international applicants: the Massachusetts Institute of Technology, Harvard, Princeton and Yale universities and Williams, Middlebury and Dartmouth colleges.
Furthermore, banks will not always loan money to international students, especially those without an American citizen to co-sign for them, according to the U.S. Department of Education Web site.
And although certain students, including those with American green cards, may be eligible for a Federal Stafford loan, many are not.
Associate Dean for International Admissions Elisabeth O'Connell said, "Having a strong international presence in the undergraduate student population continues to be a priority outlined in the Penn Compact."
She added that Penn will continue using financial aid funds for international students and that a goal of the capital campaign is raising additional funds.
She explained that a number of countries also have scholarship programs paying for students to attend Penn, including Thailand, Singapore, Malaysia, and The United Arab Emirates.
The economy is affecting not only applicants, but also current Penn students.
Wharton and College freshman Penny Metchev comes from Australia, where annual tuition for undergraduate liberal arts colleges is between $10,000 and $13,500, according to the Australian government's Web site.
"It would obviously have been cheaper for me to go school back home, but the level of education at an Ivy League institution is so much higher," she said.
College freshman Juulia Enberg is from Sweden, where college tuition fees are most often fully subsidized by the government, according to the Swedish government's Web site.
Despite the major difference in expenses, Enberg chose Penn because "it offered so many more career opportunities. The U.S. is such a cultural and economic center, and this is where I want to work and live in the future."
Del Toro explained that because the Mexican peso is currently unstable and fluctuating negatively against the U.S. dollar, her parents' net income is lower in dollars than in pesos.
"This is becoming a bigger issue for my friends and me, as Mexico's economy shows no sign of stability for months to come," she said.
She remains hopeful for an acceptance to Penn, as well as a generous financial aid package, this spring.
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