University of Pennsylvania: School of Veterinary Medicine

Only after accepting an offer to attend the University of Pennsylvania School of Veterinary Medicine (i.e., returned Student Data Form and Deposit), should an incoming student complete applications for student financial aid. Additional information will be sent to the student after applications have reviewed by the University Student Financial Services.

Due to the number of applicants to the University of Pennsylvania School of Veterinary Medicine, we are unable to answer individual questions regarding financial aid unless you have accepted an offer to attend the School.

Detailed information regarding the financial aid process may be found at:

http://www.sfs.upenn.edu/. In the left margin, click on "Apply for Financial Aid." Then click on "Graduate/Professional Students." Finally, click on "The School of Veterinary Medicine."

Other helpful links include:

FEDERAL FUNDING SOURCES

Federal Perkins Loan: This subsidized low-interest loan may be awarded to students with high need.

Health Professional Loan: This low-interest subsidized program is available to dental and veterinary students with high need.

Federal Stafford Loan Program (Subsidized & Unsubsidized): Veterinary Students may borrow up to $40,500 each year. There are many Stafford Loan lenders from which students may choose.

Once you activate your Federal Stafford Loan application, Penn will determine your eligibility for subsidized and unsubsidized loan funds. Depending on financial need, up to $8,500 of the Stafford Loan may be subsidized. This means that the Federal government pays the interest while you are in school. The remaining Stafford ($32,000) is unsubsidized, meaning that interest accrues during the time you are in School.

Other sources include Alternate Loans and Outside Scholarship Sources. The Veterinary School has a limited amount of Scholarship funding available.

1) How is Financial Aid Determined?

Financial aid at Penn is awarded on the basis of demonstrated financial need as determined by the University of Pennsylvania Student Financial Services. Financial need is the difference between Penn's costs and the amount your family is expected to contribute. Your need is determined from data you provide on your financial aid application and your parents and your 2006 tax returns and W-2 forms. The following items are considered in calculating financial need:

Family size, Your income and assets, Your parents income and assets, The number of family members enrolled in college, Extraordinary or unusual family circumstances.

Parent contribution: A reasonable contribution is determined after reviewing detailed financial statements submitted by your parents as well as the previous year's Federal Income Tax returns with W-2 forms. In the case of divorce or separation, information from the non-custodial parent may be required. Student Income Contribution: The student is expected to contribute a minimum amount of income. The minimum student contribution is approximately $2,000. Spouse Contribution: If you are married or plan to be married, a reasonable contribution toward your educational and living expenses is expected from your spouse, except in cases where your spouse is also a full-time student. Assets: Including, but not limited to, savings, investments, 401K plans, trust funds, home equity.

The total amount of your assets will be prorated over the years of your program and will be expected from you each year that you are in school to be used toward your education and living expenses. If the expected prorated portion is not available in subsequent years, Penn funding will not be provided to cover this shortfall. The above resources are totaled and then subtracted from your basic educational and living budget. To be eligible for the need-based university resources, a student must be a U.S. citizen or permanent resident. Funding is very limited for international students.

2) If You Do Not Wish To Include Parents Information

If you do not wish to include parents financial information, you are eligible only for Stafford Loans and alternative loans. Stafford Loans may be obtained through different lenders with different fees and repayment benefits. Currently, veterinary students may borrow up to $40,500 annually in Stafford Loans. There are other low-interest rates loans, Perkins Loan and Health Professions Loan, which are distributed ONLY to students providing parental information. This is necessary because funding is limited for these two loan programs.

2007 - 2008 Educational Budgets

The student budget includes tuition, fees, books, supplies, allowances for room and board, and miscellaneous (personal items, loan origination fees, and health insurance premiums - health insurance is mandatory). The following are standard student budgets for 2007-2008 for contract students and Pennsylvania Residents. ** Out-of State Resident Tuition with general fee is $37,642 (the remainder of the budget is the same as Contract Students and Pennsylvania Residents). When a student is accepted as Out-of-State, he/she will remain as an out-of-state student for the entire four years.

	Year 1	Year 2	Year 3	Year 4

Tuition & General Fee*	$31,724	$31,724	$31,724	$31,724

Room & Board	$16,400	$16,400	$21,864	$16,400

Instructional Technology Fee	$ 780	$ 780	$ 780	$ 780

Books and Instruments	$ 1,500	$ 1,500	$ 1,500	$ 1,500

Miscellaneous	$ 6,500	$ 6,500	$ 7,000	$ 6,500

Total	$56,904	$56,904	$62,868*	$56,904

* The budget for Year 3 reflects a 12 month budget. The other classes reflect a 9 month budget.

For additional information regarding Student Financial Aid, please visit the University's Financial Aid Website at: http://www.sfs.upenn.edu/home/