Penn has changed its financial aid application for the fall 2024 admissions cycle to make the process easier for applicants.
The five changes, which Penn Admissions announced in a blog post on Monday, minimize the number of forms students have to submit. The new policies go into effect immediately, aiming to make the application process "digestible and easy to follow," according to the announcement.
“Simplifying the process for returning students also makes it more likely that those students will have finalized financial aid applied to their student account by the time they receive their fall bill, reducing confusion and making the whole experience more seamless for everyone,” a University spokesperson wrote in a statement to The Daily Pennsylvanian.
Admitted students who classify as "highly aided" are now only required to submit an updated Free Application for Federal Student Aid form every year after their first year. Penn defines highly aided students as those who have a household income of less than $75,000. Previously, such students had to have additional documentation annually, including an updated College Scholarship Service profile and federal tax returns.
Applicants are also no longer required to submit the Penn Outside Resource Form, which previously asked students to list whether they were receiving any external assistance for college costs. Eligible items for this form included need- or merit-based scholarships, educational savings plans, and veterans' benefits. Prospective students now only need to submit a FAFSA form and CSS Profile.
Students applying with a non-custodial parent will now only have to submit financial information for that parent once. Previously, Penn required financial details every year in order to qualify for aid. Applicants also now only need to submit the W-2 of their primary parent, whereas Penn had previously required W-2s from both parents. W-2's are Internal Revenue Service tax forms that report earned wages.
Additionally, students applying from Canada no longer need to submit a T4 tax form, the Canadian equivalent of a W-2.
These changes come as financial aid practices at Penn and other private universities have come under scrutiny. In January 2022, a lawsuit accused Penn and 15 other schools of price-fixing, alleging that Penn and others colluded to reduce need-based financial aid and raise tuition costs.
While 10 of the schools have since settled the lawsuit, forming a $284 million settlement pool, Penn is among the seven schools that have yet to do so. Recently, an email was sent to eligible students informing them that they may be able to claim up to $2,000 as part of the settlement.
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