Reacting to similar moves by Harvard and Swarthmore, the University of Pennsylvania today announced sweeping changes to its financial aid program. These changes will eliminate loans from the aid packages offered to financially eligible undergraduate students regardless of family income. Roughly 40% of undergraduates qualify for need-based aid.
Penn will start implementing the plan next year and have it fully implemented for the academic year 2009-10.
The announcement did not say what income levels will qualify as "financially eligible."