$20 million gift to school from Greg and Alexandra Mondre to expand financial aid for middle-income students
The University of Pennsylvania has received a $20 million gift from Wharton alumnus Greg Mondre and his wife, Alexandra, to expand financial aid for middle-income students, strengthening the university’s efforts to make an Ivy League education more accessible.
Most of the gift will establish the Mondre Family Initiative, an endowed fund designed to sustain and grow Penn’s financial aid policies for middle-income families.
University officials say the initiative is expected to increase affordability for more than 1,000 families each year. In recognition of the gift, Penn will rename its Student Service Center in the Franklin Building as the Mondre Family Student Service Center.
The donation builds on Penn’s 2024 “Quaker Commitment,” which expanded financial aid for families who often earn too much to qualify for traditional need-based aid yet still struggle to cover tuition.
Under the policy, Penn meets 100 percent of demonstrated financial need with grants rather than loans, and families earning up to $200,000 with typical assets are effectively eligible for tuition-free education.
The university also no longer considers home equity in financial aid calculations.
Penn President J. Larry Jameson said the gift will help advance a national model for supporting middle-income families and expand access across the income spectrum.
Mondre, a 1996 graduate of the Wharton School, is managing partner and co-CEO of Silver Lake, a technology-focused investment firm.
Alexandra Mondre is a managing partner at AGM Ventures.
A longtime university supporter, Mondre has served on Penn’s Undergraduate Financial Aid Leadership Council andsaid the gift reflects a desire to help more students fully participate in the academic and campus experience without financial strain.
Penn reported awarding $330 million in grant-based aid to 46 percent of undergraduates in the 2024–25 academic year, with an average award of $72,155.
An additional $338 million was distributed to graduate and professional students, along with $90 million in stipends.
University officials said the Mondre gift will provide long-term support for its financial aid strategy at a time when rising costs continue to pressure middle-income families.