Penn receives $20M gift to expand financial aid

Penn received a $20 million gift dedicated to supporting undergraduate financial aid.

1999 Wharton graduate Scott Shleifer and his wife Elena Shleifer made this donation just four years after their $18 million commitment to Penn in 2022. Announced on Oct. 14, the contribution is set to be split up in three parts — with money directed to create and endow a scholars program, pioneer a Quaker Commitment Challenge, and support the President’s Priorities Fund. 

“The Shleifers’ generosity will open doors for talented undergraduates while strengthening Penn’s ability to invest in our future and deliver on our mission,” Penn President Larry Jameson wrote in a press release. “We are deeply grateful for their partnership and for the example they continue to set.”

Through a $12 million allocation, the Shleifer Scholars Program will enable a permanent cohort of undergraduates to attend Penn through the Quaker Commitment — the University’s goal of making the financial aid process clear and attainable. The donation intends to provide middle-income students with substantial funding for tuition-free scholarships.

Beyond tuition, the program will also provide funding for extracurricular activities — including “faculty-mentored research, internships, entrepreneurial ventures, community engagement, and global experiences,” according to the release. 

The Shleifer Family Quaker Commitment Challenge will be established through a $3 million allocation and aims to encourage new donors to contribute to Penn’s financial aid fund. It will match six first-time donors’ $500,000 gifts — establishing $6 million in endowed scholarships and “building permanent support for financial aid.”

The $5 million set to support the President’s Priorities Fund will enable flexibility in Penn’s approach to the key priorities of Penn Forward — a University-wide strategic framework.

The 2022 donation was also guided by an intention to make Penn’s tuition more affordable but instead focused on first-generation undergraduates. In addition to broad financial support, it also led to the existing center’s renaming as the Shleifer Family Penn First Plus Center.

Scott Shleifer co-founded Tiger Global Management’s private equity investing arm in 2003 before stepping down to senior advisor in 2024. The billionaire’s expansive net worth primarily comes from investments in Chinese tech companies, including JD.com, ride-hailing app Didi Chuxing, and e-commerce giant Meituan.