The University of Pennsylvania is launching a $240 million fundraising campaign targeted specifically for financial aid - an effort to bolster its policy of providing all grants and no loans to students in need, school officials said Friday.
The new effort was announced at the board of trustees meeting Friday.
To kick off the "Penn Compact 2020 Presidential Initiative," the university is seeking $1 million donations from at least five individuals that the university will match.
If the effort is successful, Penn will have raised $600 million for financial aid over the last decade. In 2009, the university eliminated loans from its financial aid packages to alleviate student debt. All aid is now handed out in grants.