University of Pennsylvania Increases Tuition by 3.9%, Total Cost Now at $87,860

United States North America Higher Education News by Erudera News Mar 04, 2024

University of Pennsylvania

The University of Pennsylvania has increased tuition by 3.9 percent for the 2024/25 academic year. This means undergraduate students at the university will now have to pay $87,860, including other costs.

The decision came after a vote taken Thursday by the school’s Board of Trustees. The total amount of $87,860 includes tuition of $60,920, fees of $7,766, $12,640 for a standard room in the residence halls, and $6,534 for meals, Erudera.com reports.

“The accompanying growth in the financial aid budget offsets the increase in cost for students with demonstrated financial need,” UPenn said in a statement released on Thursday.

Trustees also approved $311 million in undergraduate financial aid budget, a 4.5 percent rise from the previous year.

Commenting on the decision, Vice President for Budget Planning and Analysis Trevor Lewis said that despite increasing charges, the institution every year expands its financial aid budget to help those in need access higher education.

“Each year when assessing increases in undergraduate charges, we grow our financial aid support at an even higher rate, keeping costs stable for families with demonstrated need,” Lewis said.

This academic year, some 46 percent of students at the University of Pennsylvania received need-based financial assistance. According to the university’s statement, the average financial aid package budget for this year amounts to $66,764, which is more than tuition expenses and 75 percent of overall attendance costs.

Last year, UPenn said students whose families earn around $75,000 or less will qualify for financial aid, under which they can cover tuition, housing, meals, and other fees.

The university released its grant-based aid program for the first time in 2008, and the aid package covered 57 percent of attendance expenses, which, in addition to tuition, includes housing, dining, personal expenses, and more.

Vice President for Finance and Treasurer Mark Wingfield explains that since then, the average cost for a student receiving financial aid has been held steady.

“In fact, when adjusted for inflation, that net cost has actually decreased by about 26% in constant 2008 dollars,” Dingfield added.

School data indicate that today, only a few of students apply for student loans compared to previous years. There has been a drop in the number of students who receive loans, from 76 percent in 2008 to 19 percent at present.

This year, UPenn has announced a lower increase in costs compared to those at other prestigious institutions such as Duke University, Stanford University, and Brown University.

Image Source: University of Pennsylvania Twitter Account

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