The University of Pennsylvania offers a wide range of undergraduate and graduate programs in liberal arts and sciences, with over 140 undergraduate degrees and 180 graduate options. The university also emphasizes social outreach through over 300 volunteer and community service programs. Admissions are competitive, and financial aid is awarded based on financial need, with a focus on providing aid packages without loans. The university has a long tradition of intellectual rigor and innovation, dating back to its founding by Benjamin Franklin in 1740.