I don’t think University of Pennsylvania provides scholarships based on merit. At least they don’t have it on their website.

Outstanding students are attracted by the name ‘University of Pennsylvania‘ itself; they don’t need to provide scholarships to attract them. Also, they have a lot of endowment funds, so, they can provide aids based on need and still meet them. Moreover, every Incoming student is so brilliant at University of Pennsylvania that they easily qualify for external scholarships if they need one.

University of Pennsylvania provides aids at an average of 49401 per student meeting 100% of students need. 100% of students with need receive financial aid at an average of 47114 need-based grant. They also provide other scholarships including Phi Beta Kappa Award.