Elizabeth Folan Gilpin was born in New York City on July 21, 1986, the daughter of actors Jack Gilpin and Ann McDonough. She grew up in the South Street Seaport neighborhood of Manhattan, where she says that her family home was "one of the only occupied buildings on the block". Gilpin is a 2004 graduate of The Loomis Chaffee School, and a 2008 graduate of Fordham University. During her time at Fordham, she studied under Dianne Wiest.

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