Penn is setting a new standard for expense, the Daily Pennsylvanian reports:
The University announced at Thursday’s Board of Trustees’ winter meeting that tuition and fees will increase by 3.9 percent to $61,132 from $58,812 for the next academic year. This marks the fifth year in a row that the University has raised the cost of a Penn education by 3.9 percent.
The $61,132 figure includes tuition, fees and room and board. Undergraduate tuition will increase from $40,594 to $42,176, room and board will increase from $12,922 to $13,464, additional fees will increase to $5,492 from $5,296, the University announced.
The university is also massively upgrading its financial aid budget to $196 million, a 148-perent increase since 2004. “One of Penn’s highest evergreen priorities has been to eliminate all financial barriers for young women and men with exceptional promise who attend the University of Pennsylvania,” President Amy Gutmann said.