All of Penn's financial aid is awarded on the basis of demonstrated financial need. Student must meet all Penn admission standards first. Financial aid is awarded based on financial need as determined by Student Financial Services. Financial need is the difference between Penn's costs and the amount your family is expected to contribute (Educational Expense Budget - Family Contribution = Financial Need). Penn reviews all applications individually, and does not rely on the Federal EFC (Expected Family Contribution). The following items are also considered in determining financial need: family size, student income and assets parents' income and assets, the number of family members enrolled in college, and extraordinary family circumstances.