How can I get more aid?

Thanks for your question, this is a most excellent question that most high-achieving students fail to recognize when they are applying to T50 Private schools.

First of all, let's be clear about the UPenn cost. The current cost of attendance for 23-24 is $89,000 but it doesn't include health insurance PSIP which costs $4200 plus you kind of have to budget about $2000 for your dorm room setup, travel costs during Thanksgiving break, Winter break, Spring break, and other misc. costs including clothing, and personal effects, (haircuts, dental cleaning), so let's just say it's $95,000 minimum for the first year. It's going to be $100K 2nd year, $105K 3rd year, and $110K 4th year. Historically cost of attendance is like a 5-6% increase each year. So realistically you are looking at $410K minimum. UPenn is not the outlier, it's probably within +/- 5% for any other T50 private school.

So if your parents are good for $40K per year, and I'm sure they are, then that is $160K for 4 years. You still have to come up with $250K in loans. Because your parents make upper $200s like between $275K-$290K income, they are in the sweet spot for not really qualifying for much aid as you say. So if UPenn kicks in $10K per year or $40K total, you still have to take out $210,000 in student loans to fund your undergraduate education.

Some people would immediately say that's nuts. Other people would immediately say an Ivy League education is invaluable and priceless. You have to decide how much you want to go into debt before you start your life as a 22-year-old UPenn future graduate.

Do you want to carry $210,000 worth of debt? What if you decide to further your education? Would agree to carry another $200,000 to go get an MBA or $300,000 to get a Law Degree or go to Medical school?

I watched a video about a high-achieving student who came from a pretty well do family who got into UPenn. She ultimately decided to go to UMiami and got a full ride merit scholarship. I think she is a senior now and very happy. And has no debt.

youtube.com/watch?v=gqacLMAoe80

Unless you want a lot of debt, I would probably not apply to UPenn ED and try to find alternative target schools that offer a lot of merit aid or apply to State schools that are top 50 ranked like UMichigan, UCLA, UCBerkeley, UVA, University of Washington, Georgia Tech, UNC Chapel Hill, Binghamton University.

Remember, where you go undergrad doesn't matter so much if you are great student and want to go to grad school. You can always go to UPenn for graduate school later on.

Let us know what you decide to do because a lot of upper-middle-income families are in the same boat.

Good luck.