Penn gifted $20 million to expand financial aid for middle-income families

Penn received a $20 million gift to enhance financial aid and increase support for middle-income students.

The University announced Thursday that 1996 Wharton graduate Greg Mondre and his wife, Alexandra, made the donation alongside a larger effort to expand access for students. The gift will establish the Mondre Family Initiative, which is expected to serve over 1,000 middle-income families each year.

Greg Mondre, a founding member of Penn’s Undergraduate Financial Aid Leadership Council, wrote in the May 14 press release that his time on campus significantly impacted his desire to expand “that opportunity for others.”

“Too many middle-income students and their families face difficult trade-offs that limit how they approach, choose, and navigate a path through higher education,” Greg Mondre wrote. “Alexandra and I are proud to support Penn’s leadership in addressing this challenge by working to ensure students can fully participate in everything the University has to offer.”

A request for comment was left with Greg Mondre.

Penn will rename the Student Services Center in the Franklin Building as the Mondre Family Student Service Center in recognition of the family’s gift. The Center houses Financial Aid Counseling, the Registrar, the Bursar’s offices, and the Financial Wellness program.

Penn President Larry Jameson emphasized the University’s existing financial aid initiatives through the Quaker Commitment and expressed gratitude for the donation in a statement to Penn Today.

“We are deeply grateful to Greg and Alexandra for their dedication to expanding opportunity,” Jameson wrote. “This gift is an acceleration of a vision to make higher education accessible to all, and it will help us set a new national standard for supporting middle-income families.”

Beginning in the 2025-26 school year, families earning up to $200,000 with typical assets have received full tuition scholarships through the Quaker Commitment. The University Board of Trustees expanded these financial aid offerings by 3.8% in March in line with an increased total cost of attendance.

At the time, the Trustees also voted to approve a 3.9% increase in undergraduate tuition costs for the coming academic year.

In recent months, peer institutions such as Princeton University have expanded their undergraduate financial aid program. Princeton’s expansion allowed the school to avoid a federal endowment tax, enacted in 2025 and set to affect private universities based upon the value of their endowment and the number of full-time students.

The University of Chicago also announced on Wednesday that it will guarantee free tuition for undergraduate families with annual incomes below $250,000. 

Penn is expected to face a 4% federal excise tax on its endowment income starting July 1, 2026. In October, University officials warned that the move could significantly hinder its ability to support student financial aid, faculty research, and capital growth.

According to Penn’s Office of Investments, the endowment “provides critical support to the University’s mission and programs by funding financial aid, teaching, research, healthcare, and more.”

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