Penn President Amy Gutmann recently unveiled an ambitious new initiative designed to raise an additional $240 million for undergraduate financial aid, bringing to $600 million the total amount of philanthropic support for undergraduate education raised in the past decade.

During this period, Penn’s all-grant, no-loan policy—launched during its Making History Campaign—has decreased by 10 percent the average cost of a Penn education to all undergraduates with demonstrated financial need, who can graduate debt-free. Next year it is estimated that the average grant for students receiving aid will be $41,700.

“This new Penn Compact 2020 Presidential Initiative,” Gutmann says, “will allow us to expand the impact of our all-grant, no-loan program, which has proven to be hugely successful in opening Penn’s doors to thousands of talented, hardworking students who could otherwise not afford a Penn education.”